well following the uk referendum on leaving the european union and the us election. this issue continues to draw attention at the international level. in this fsr, we bring some new analysis to the table, which draws upon an in - depth market survey conducted by the canadian fixed - income forum, an industry group established by the bank. governing council acknowledges that there are pockets where liquidity problems are more evident, such as corporate bonds, off - the - run government bonds and certain repo markets. but we also recognize that markets have yet to fully adapt to the new regulatory requirements. further, the pre - crisis period may not be the best standard for comparison, because liquidity was excessive and virtually costless at that time. it is reasonable to expect that liquidity will be marginally more costly — and market - making less lucrative — under the new regulatory regime, and that market participants will continue to adapt against the backdrop of a more resilient financial system. we will continue to monitor market behaviour and to engage with market participants, while pursuing work on the impact of regulatory reforms at the international level. with that, ms. wilkins and i will be happy to respond to your questions. 2 / 2 bis central bankers'speeches

sides of the issue. in terms of the canadian economy, it is fair to say that the data released since our october mpr have been on the disappointing side. while the gdp data for the third quarter were close to our expectations overall, the underlying composition of growth was not, and the economy has less momentum going into the fourth quarter than we believed it would. 4 / 6 bis central bankers'speeches while recent data from the housing sector have been softer than expected, we believe this is the result of a significant adjustment in new construction from single dwellings to multiples, and this adjustment has prolonged the slowdown in housing construction that began earlier this year. population and employment growth, and therefore fundamental demand for housing, remain strong. credit growth has also steadied, and all of this supports our view that the market is stabilizing. business investment unexpectedly declined in the third quarter. we had identified earlier this year the likelihood that uncertainty over the future of nafta would hold back investment decisions. it now appears that this effect was very strong during the summer, when uncertainty was at its peak. the other big factor restraining business investment was the delay in the trans mountain pipeline project. the signing of cusma is likely to support a rebound in investment, particularly given ongoing capacity constraints, although governments still need to implement the agreement. furthermore, the federal government ’ s recently announced tax changes will lead to a further strengthening in investment. this would also suggest continued growth in exports, which have been supported by strong foreign demand, but constrained by tight capacity. in its latest gdp release, statistics canada revised downward its historical estimates of economic growth. most of these revisions pertain to shifts in economic structure beginning in 2015, as the economy was adjusting to steep declines in oil prices. it may seem odd that developments in 2015 could still be affecting our view of the economy in 2018, but they do. the level of gdp today is now believed to be nearly 1 per cent lower than previously thought. the effect of this revision on the inflation outlook will depend on how much of that shift is in demand and how much is in supply or economic capacity, and therefore how our estimates of the gap between the two are affected. we will say more about this in our january mpr, once our analysis is complete. much of governing council ’ s discussion was focused on oil. global oil prices are well below our forecast assumptions made in our october mpr, primarily due to supply forces. there is also an important over