text: The Bank of Canada being as opaque as it is, it only provides charts and not tables in its outlook document. Even so, it is clear that business expected a lot more inflation at the time of this winter survey than they did in the fall. Around 80% expect CPI inflation to exceed the 2% target as opposed to around 70% three months previous. Dave mentions this being the first survey since the election of Donald Trump but Trump’s name isn’t mentioned in the outlook document at all. However, independent of Trump’s election, it is likely that the increasing probability of a federal funds rate increase and then the actuality of one over the survey period led respondents to anticipate higher inflation. This interest rate rise, which will almost certainly not be matched by the Bank of Canada, will certainly have an inflationary impact over much of 2017.