Macklem Expects Fed Culture to Persist Under New Chair

Bank of Canada Governor Tiff Macklem told lawmakers on Monday afternoon that the United States Federal Reserve will maintain its institutional culture. Macklem addressed concerns regarding the central bank's independence as Chairman Jerome Powell prepares to exit his role. Investor confidence hinges on the Fed's ability to remain insulated from political pressure during this leadership transition.

Macklem spoke during testimony to the House of Commons. He responded to questions about potential shifts in policy or autonomy once a new chair takes over later this month.