Macklem warns Canadian politicians against rates lobbying

Governor says politicians’ letters could suggest ‘operational independence is at risk’

Tiff Macklem
Tiff Macklem, Bank of Canada governor
Bank of Canada

Bank of Canada governor Tiff Macklem warned the leaders of three provinces against lobbying for specific monetary policy in a letter last month. However, two of the premiers replied with new letters to the governor, with one leaking Macklem’s office email in the process.

The Canadian Press reported on Macklem’s letters to the provincial premiers on October 24. The Bank of Canada confirmed to Central Banking that Macklem had sent the letters and supplied copies.

Explaining that “there is no

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