Given these positive surprises, and because monetary policy must be forward - looking to achieve our inflation target, Governing Council's discussions focused on three main issues: first, the extent to which recent strength is signalling
stronger economic momentum in Canada and
globally; second, how heightened levels of uncertainty, particularly about US tax and trade policies, should be incorporated in our outlook; and third, how much excess capacity the economy currently has, and the
growth rate of potential output going forward.