##iberations. some people interpreted this to mean that we believed downside risks had strengthened. what we intended to communicate, however, was that, with the 2 % target in sight, we gave increased consideration to the risk that inflation could fall below the target. as you can see, differences in interpretation can be very subtle, which makes choosing the right words all the more important. i'd like to think that all the years of explaining complex concepts to my students has given me a lot of practice in this regard. even though i've been in this role for only a short time, i've been able to appreciate how the bank's approach to communication is constantly evolving. in the past, press conferences were held only when the rate announcement was accompanied by a monetary policy report. starting this year, all eight rate announcements now feature a press conference. this gives the bank the opportunity to share its assessment of the economic outlook with the public and explain the reasoning that led to the rate decision. following the decision, governing council members host information sessions and regularly give interviews with the media. since january 2023, a summary of deliberations is published online two weeks after every decision. this document is a record of governing council's assessment of the economic environment and the upside and downside risks to inflation. it also highlights where opinions converged and the topics that generated the most debate among members. the summary of deliberations for the september decision was published yesterday, in fact. lastly, the bank is always looking for new ways to communicate and for new channels to reach the widest audience possible. in fact, the bank has accounts on youtube, x, instagram, facebook and linkedin. be sure to follow us. 6 / 7 bis - central bankers'speeches conclusion it's time for me to wrap up. i've now participated in 12 rate decisions. since arriving at the bank, i've always felt my experiences and external point of view have been useful to my work and valued by the other members of governing council and the organization as a whole. i genuinely feel i'm contributing to the mission of a rigorous and conscientious institution that is mindful that its credibility is directly linked to the effectiveness of its actions. credibility must be earned. the bank's is founded on the trust that canadians place in us and our actions. even when those actions are difficult and have direct impacts, canadians understand that we are always guided by our resolve to

supply and demand the pandemic has also greatly complicated supply and demand. to see how, let ’ s first consider the economy ’ s capacity to produce goods and services. at the onset of the pandemic, canadians were subject to necessary and strict containment measures to slow the spread of the coronavirus. physical distancing practices and stay - at - home orders quickly made some types of work impossible. most non - essential workplaces were closed, putting a stop to many jobs that cannot be done remotely. this resulted in a massive decline in supply. now, containment measures are being lifted, and this is restoring some degree of supply. however, continued physical distancing may mean workplaces cannot be as productive and many services will be very difficult to deliver. further, the reopening is happening unevenly across the country, across industries and around the world. this will disrupt supply chains and affect both the volume and the prices of our exports. the coronavirus may lead to lower levels of immigration, limiting workforce growth. more generally, some industries won ’ t reopen until we have a vaccine or at least very effective anti - viral medications. this suggests the economy ’ s productive capacity will take a hit that will persist even after the containment measures are lifted. on the demand side, consider the millions of canadians who have either lost their jobs or seen their hours scaled back. this represents a very large drop in spending power across the economy. fortunately, the government ’ s fiscal measures have been scaled to replace the labour income lost throughout the economy, laying the foundation for recovery. but spending has fallen sharply since the pandemic hit. as deputy governor larry schembri pointed out in a speech last week, this is not only because there have been fewer things to buy, but also because there has been a sharp drop in consumer confidence. until people are back at work and feel more confident, they will remain cautious with their spending. it will be crucial to understand how much supply and demand have been damaged by covid 19, and how both will recover in the coming quarters. as the economy reopens, we should see very strong job growth. we should also see some pent - up demand giving a boost to spending. but not 2 / 4 bis central bankers'speeches everyone ’ s job will come back, and uncertainty will linger. as a result, we expect the quick rebound of the reopening phase of the recovery will give way to a more gradual recup