02/01/2026
It’s a pretty rare thing to see the Governor of the Bank of Canada weigh in on the inner workings of the U.S. government. But in early 2026, Tiff Macklem did exactly that. He warned that the independence of the U.S. Federal Reserve is under threat, and that’s a massive problem for us up here in Canada.
Our financial markets are so tightly linked to the Americans that any political interference with their interest rates would cause chaos for our own economy. Macklem’s point is that central banks need to be able to make tough choices based on data, not politics. If the Fed loses its ability to operate independently, it’ll create a level of uncertainty that could hit everything from our mortgage rates to the value of the Canadian dollar.
It’s essentially a call for stability. By standing in solidarity with his American counterparts, Macklem is trying to protect the economic foundation that both countries rely on.
(Source: The Canadian Press, Reuters)