The appointment will bring the bank’s governing council, which sets interest rates and makes other monetary policy decisions eight times a year, from six to seven members
The Bank of Canada is adding a second outside voice to its governing council in a bid to diversify the views around the table when it sets interest rates.
. “As the Bank navigates an increasingly complex and fast-changing economy, the creation of a second external Governing Council role will add further perspective and bring different skills and experiences to the table,” Governor Tiff Macklem said in a statement. The new external deputy governor will join the bank in the middle of a monetary easing campaign. The bank has cut interest rates by a quarter-percentage-point three consecutive times since June, bringing its benchmark policy rate to 4.25 per cent. Financial markets expect the bank to keep cutting through the rest of this year and the first half of next year.
Council Governor Term Table Position Appointment Inflation Bank Of Canada Bank Nicolas Vincent
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