I don't think there's an inflation problem out there. We're very positive on equities.

You have to be positive on 10-year bonds when you expect lower inflation. I don't expect the Bank of Canada to raise rates at its next meeting because inflation is low and going lower.

A low inflation number is positive for bonds. It is possible that most of the tightening could be done.

House price inflation has picked up in recent months; if this continues it has positive implications for consumer spending via the wealth effect it provides to homeowners.

We always keep a positive outlook because of the local currency despite the expectations of rising inflation.

Our biggest positive for 2006 is that inflation remains contained and that valuations for the first time in several years could really go higher. That could be more of the driver for the market in 2006.