Thank you very much, Mr. Chairman.
Thank you for being here, Mr. Dodge and Mr. Jenkins. Roughly a year ago, you mentioned that inflation was a major concern for the Bank of Canada. In view of the fact that we were approaching the upper limit of your range of one to three percent, I asked you at the time whether the Bank of Canada intended to revise it.
Today, roughly one year later, we've witnessed a one-point increase in interest rates. We're now at the upper limit of that range. Today, I'll ask you the same question, that is whether the one to three percent range is still valid? If so, why? If not, do you intend to revise it?
Another question that I asked you last year concerned the strength of the Canadian dollar relative to the U.S. dollar. At that time, you mentioned that it was a major concern for the Bank of Canada. You'll understand that, if a strong Canadian dollar can have certain benefits for exports and the competitiveness of our businesses in the international market, it can also have certain consequences that make our businesses less productive. Here I'm making a connection with the theme before us today.
So, one year later, the Canadian dollar is still at a very high level. What's happened in the past year at the Bank of Montreal? Is it time to revise the range?