In a significant show of support from north of the border, Bank of Canada Governor Tiff Macklem has publicly thrown his weight behind U.S. Federal Reserve Chair Jerome Powell. This endorsement comes at a critical time, as Powell faces scrutiny amidst a Department of Justice probe into the trading activities of senior Fed officials.
Macklem’s backing isn’t new; he has previously voiced his support for Powell, notably during the intense pressure from the Trump administration. His consistent stance underscores a belief in Powell’s leadership, even in turbulent times.
Highlighting his confidence, Macklem stated unequivocally that Powell is doing a “very good job under difficult circumstances.” This sentiment suggests an appreciation for the complex economic landscape Powell has navigated, from the COVID-19 pandemic’s fallout to current inflationary pressures and the ongoing internal investigation.
Such international solidarity among central bank leaders is a testament to the interconnectedness of global financial systems and the shared challenges they face. Macklem’s words serve as a powerful reaffirmation of trust in Powell’s stewardship of the world’s largest economy’s central bank.
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