##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

trends in turn. a central element in the financing of commodities leading up to the 2008 crisis was the increasing participation of major global investment banks. because of their access to wholesale funding markets, which provided them with cheaper funding than was available to other participants in commodity markets, the large banks became increasingly important in a range of commodity - related activities. they provided a large share of the lending to commodity dealers. they also themselves came to play a central role as dealers in over - the - counter derivatives markets in commodities. more recently, they have become more and more involved in the physical trading of commodities : holding physical inventories, making markets in commodities and even creating supply chains by providing shipping and commodity storage. in parallel, the globally active commodity trading houses assumed a large and expanding role. these institutions hold inventories of commodities, store them over time, move them around the world, and make markets in both physical commodities and their derivatives. as these trading houses grew, they played an increasingly important role in facilitating the trade in commodities. they are not financial institutions, but they do require large amounts of financing. traditionally, this financing was mostly in the form of syndicated bank lending secured by their commodities inventories, but recently that financing model has been shifting, as i will discuss. alongside the increasing role of these large institutions was the trend toward the “ financialization ” of commodities. investors – both individuals and institutions such as pension funds and hedge funds – stepped up their interest in commodities ( chart 2 ). a combination of factors may have contributed to this trend. to some extent, investors may have been seeking higher returns associated with the commodity - price supercycle. they may also have sought to diversify their portfolios by including commodities as a distinct asset class. whatever the reason, this movement of investors into commodities was facilitated by financial innovations – notably, the emergence of index funds and, later, a variety of exchange - traded funds ( chart 3 ). more recently, high - frequency trading has also become a feature of commodity markets, as it has in financial markets. these developments together helped turn commodities into increasingly liquid financial assets, accessible to a wider range of investors. in turn, the flood of investment funds into commodities helped spur further innovation. there is no clear evidence that this trend toward greater financialization has been a significant determinant of the overall level of commodity prices. as i have already discussed, the preponderance of evidence indicates instead that commodity prices have been driven by fundamentals – primarily