Carney, Macklem Congratulate Warsh on Federal Reserve Nomination

(Bloomberg) -- Canadian Prime Minister Mark Carney and Bank of Canada Governor Tiff Macklem congratulated Kevin Warsh on his nomination to lead the Federal Reserve. 

Carney — who led the Bank of Canada during the 2008 financial crisis, while Warsh was on the Fed’s board of governors — offered praise on social media. 

“Kevin Warsh is a fantastic choice to lead the world’s most important central bank at this crucial time,” said Carney, who has also served as Bank of England governor.

US President Donald Trump announced Friday he intends to nominate Warsh to be the next Fed chair. Warsh sat on the central bank’s board from 2006 to 2011 and has previously advised Trump on economic policy.

In an emailed statement to Bloomberg News, Macklem also offered his congratulations.

“I worked with Kevin during his time as a governor of the Federal Reserve and look forward to working with him again,” Macklem said.

Macklem was a deputy governor at the Bank of Canada from 2004 to 2007, and senior deputy governor from 2010 to 2014. He was appointed governor in 2020.

Over the past year, Macklem has repeatedly voiced support for current Fed Chair Jerome Powell, who is under political pressure from Trump to cut interest rates. Warsh would succeed Powell when his term ends in May.

After Canada’s central bank held rates steady on Wednesday, Macklem again stressed the importance of an independent Federal Reserve. He pointed to Canada’s deep economic and financial ties with the US.

“Our financial markets are particularly integrated with the US, so it would particularly affect us,” Macklem said.

Powell is “doing a good job at leading the Fed based on evidence, based on facts,” he added. “I hope it stays that way.”

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