We granted Mark Carney the benefit of the doubt, but his engagement with the private sector is overly academic and bureaucratic. Using branding alone won’t sway capital—returns do. In contrast, Tiff Macklem has shown a more balanced approach to Canadian monetary policy. We expect that if inflation intensifies and the loonie weakens further, Macklem will raise rates decisively to reinforce the Bank of Canada’s credibility. That would force every level of government to adjust their spending behavior.