The key downside risk is a global recession. If global banking stress re-emerges, credit conditions could tighten significantly, resulting in a more severe global slowdown and much lower commodity prices. Overall, we view the risks around our inflation forecast to be roughly balanced, but with inflation still well above our target, we continue to be more concerned about the upside risks. Let me conclude.
Our job at the Bank of Canada is to get inflation all the way back to the 2% target. We are encouraged with the progress so far. And getting inflation down to 3% this summer will be welcome relief for Canadians. But let me assure Canadians that we know our job is not done until we restore price stability.