Bank of Canada says culture of U.S. Federal Reserve will continue under new chair

Tiff Macklem, Governor of the Bank of Canada, poses for a portrait prior to an interview at the Bank of Canada in Ottawa in this Wednesday, Jan. 24, 2024 file photo. THE CANADIAN PRESS/Sean Kilpatrick

OTTAWA - Bank of Canada Governor Tiff Macklem said on Monday that the culture of the United States Federal Reserve would continue under the incoming new chairman.

“I believe that the culture and the comportment of the Fed will continue as it has in the past,” said Macklem during his testimony to the House of Commons.

He was answering questions on concerns of potential loss of independence of the Fed as Chairman Jerome Powell’s term ends on May 15.

Reporting by Promit Mukherjee.