Bank of Canada Governor Announcement

This Update was originally sent to clients as a Rapid Response immediately after the Bank of Canada’s announcement on 1st May. The confirmation that Tiff Macklem will take over from Governor Stephen Poloz when he steps down on 1st June is not a complete surprise but will disappoint those who expected Senior Deputy Governor Carlyon Wilkins to get the job. Nevertheless, Macklem is also largely a career Bank insider, albeit with a little more external experience. As such, his appointment is unlikely to lead to a material change in the way that that the bank approaches either monetary policy or its current crisis responsibilities as lender of last resort.