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The appointment of former Merrill Lynch Canada head Lynn Patterson to a deputy governor at the Bank of Canada extends its ties to financial markets. Ms. Patterson had already been working for the bank as a special adviser.
The appointment of former Merrill Lynch Canada head Lynn Patterson to a deputy governor at the Bank of Canada extends its ties to financial markets. Ms. Patterson had already been working for the bank as a special adviser.
(Chris Wattie/REUTERS)

With Patterson appointment, Poloz tightens ties to markets

Bank of Canada Governor Stephen Poloz is restoring tighter ties with financial markets by elevating the former head of Merrill Lynch in Canada to a deputy governor, putting her on the rate-setting committee.

Lynn Patterson has already been working for the bank as a special adviser and a representative for financial markets, so she had a key role passing along feedback from markets on the bank’s policies. But having that input right at the rate-setting table brings the financial markets more closely into the conversation when the bank is setting rates and, importantly, deciding how to communicate its views on the economy and monetary policy.