##e and the shift to reinvestment. following the announcement of our decision this morning, we issued a market notice outlining in detail the changes to our market operations. because bond maturities are lumpy, we are moving to a monthly rather than a weekly target range for our purchases. that target range will be $ 4 billion to $ 5 billion per month. this includes our purchases in both the primary and secondary 2 / 3 bis central bankers'speeches markets. as outlined in the market notice, to keep our holdings of government of canada bonds roughly stable, we plan to purchase roughly $ 1 billion to $ 2 billion per month in the primary market, and roughly $ 2½ billion to 3½ billion per month in the secondary market. how long the reinvestment phase lasts is a future monetary policy decision. it will depend on the strength of the recovery and the evolution of inflation. but as i indicated in september, it is reasonable to expect that we will be there for a period of time, at least until we raise our policy interest rate. we will continue to provide the appropriate degree of monetary policy stimulus to support the recovery and achieve the inflation target. with that, let me stop and turn to you for questions. 3 / 3 bis central bankers'speeches

tiff macklem : release of the monetary policy report opening statement by mr tiff macklem, governor of the bank of canada, at the press conference following the release of the monetary policy report, ottawa, ontario, 27 october 2021. * * * good morning. i ’ m pleased to be here with you — in person — to discuss today ’ s policy announcement and the bank ’ s monetary policy report ( mpr ). it seems fitting that we are back together in this somewhat normal setting as we conclude one part of our extraordinary monetary policy response to this pandemic. this morning we announced that we are ending quantitative easing ( qe ) after more than year and a half. we undertook qe first to help restore market functioning and then to boost our monetary policy stimulus. since last october, in line with progress in canada ’ s economic recovery, we have been gradually reducing the pace of our qe purchases. with the economy once again growing robustly, governing council judged that qe is no longer needed. this means we will stop growing our holdings of government of canada bonds. it is important, however, to remind canadians that the significant stimulus we have injected through qe remains in place. we just won ’ t be adding to it. we call this the reinvestment phase. in this phase, we will purchase bonds only to replace those that are maturing so that our overall holdings of government of canada bonds remain roughly stable over time. the end of qe comes as increasing vaccination rates are enabling continued progress in the economic recovery in canada and around the world. while new complications of reopening continue to crop up and that is boosting the prices of many globally traded goods, i ’ m struck by how much progress our economy has made since the start of the crisis. we ’ ve come a long way. and our forecast is for an increasingly healthy economy, even if these complications are going to be with us for a while longer. we are forecasting annual growth in economic activity will be around 5 percent this year, and about 4¼ percent in 2022 and 3¾ percent in 2023. global supply chain disruptions and shipping bottlenecks are expected to restrain growth and boost prices into next year. so relative to our forecast in july, growth in canada is a little lower and inflation takes longer to come back down. the main forces pushing up prices — higher energy prices and supply bottlenecks — now appear stronger and more persistent than we