How can I annotate outside of the grid?

The annotation “local max” is annotated correctly. However, the annotation “outside” is not displayed at all. How can I display an annotation if its coordinates are placed outside of the grid?

import matplotlib.pyplot as plt
import numpy as np

fig, ax = plt.subplots(figsize=(3, 3))

t = np.arange(0.0, 5.0, 0.01)
s = np.cos(2*np.pi*t)
line, = ax.plot(t, s, lw=2)

ax.annotate('local max', xy=(2, 1), xytext=(3, 1.5),
            arrowprops=dict(facecolor='black', shrink=0.05))

ax.annotate('outside', xy=(3, -2.25), xytext=(0, 1),
            arrowprops=dict(facecolor='black', shrink=0.05))


ax.set_ylim(-2, 2)