Wall Street Journal (blog) – January 11, 2012
With Bank of Canada Senior Deputy Governor Tiff Macklem believed to be the leading front runner to take over as the central bank’s governor once Mark Carney sails for England, Mr. Macklem’s Thursday speech in Kingston served as something of an international debut.
And in a country where financial traders often pay more attention to news from the U.S. than from home, Mr. Macklem did something even Mr. Carney doesn’t do all that often: His pronouncements moved markets. Mr. Macklem’s hawkish tilt boosted the Canadian dollar in late Thursday trading. (The Canadian dollar didn’t move much, but for that sometimes-quiet market, it counts.)