Financial institution of Canada Deputy Governor Sylvain Leduc will likely be leaving his post next month in an sudden departure for one of many high coverage makers on the central financial institution.
Leduc will return to the Federal Reserve Financial institution of San Francisco, where he labored earlier than his appointment on the Ottawa-based financial institution in 2016, the Financial institution of Canada mentioned in a press release. The Canadian central financial institution didn’t say why Leduc is departing from his post.
“Sylvain has been an exquisite addition to Governing Council. Now we have benefited from his coverage experience and his sturdy sense of teamwork,” Governor Stephen Poloz mentioned within the assertion. “Sylvain’s motivation and management has had a robust affect on our researchers and on the Financial institution’s capability as a analysis establishment.”
Leduc is departing the important thing coverage making physique at an important time, with the Financial institution of Canada in the midst of a price normalization course of that has seen it already increase rates of interest 3 times because the center of final 12 months. The central financial institution’s next price decision — and Leduc’s final — will likely be July 11. Buyers are virtually totally pricing in one other hike at that call.
The financial institution mentioned Leduc, who oversaw evaluation and monetary stability points, will likely be leaving in “late” July. Earlier than becoming a member of the Financial institution of Canada, Leduc served as vice chairman for microeconomic and macroeconomic analysis on the Sand Francisco Fed.
The Financial institution of Canada mentioned the seek for his alternative will start instantly.