Good morning. Tiff and I are pleased to be here with you today to discuss the January Monetary Policy Report, which the Bank recently published. While the global economic outlook is slightly weaker than the Bank had projected in October MPR, global tail risks have also diminished. The economic expansion in the United States is continuing at a gradual pace, restrained by ongoing public and private deleveraging, global weakness and uncertainty related to fiscal negotiations. Europe remains in recession, with a somewhat more protracted downturn now expected than in October. Growth in China is improving, though economic ... (full story)