Governor
BANK OF CANADA
Tiff Macklem took the helm at the Bank of Canada in June 2020, right in the heart of the COVID-19 pandemic, and immediately had to steer the national economy through a recession. The BoC has kept its overnight interest rate at 0.25% to lessen the burden of the pandemic and has also attempted to prop up the economy with quantitative easing to the tune of $4 billion per week. While the BoC’s latest announcement revealed that it plans to freeze rates until an inflation target of 2% is achieved, many in the industry have predicted that inflation will rise, which could be the next issue Macklem might need to tackle.
