Bank of Canada Deputy Governor Sylvain Leduc is leaving the central bank to take a position south of the border at the Federal Reserve Bank of San Francisco.
Mr. Leduc was appointed Deputy Governor of the Bank of Canada in May 2016 and has been one of two deputy governors responsible for overseeing the bank's analysis and activities in promoting a stable and efficient financial system. Before working at Canada’s central bank, Mr. Leduc served as Vice-President, microeconomic and macroeconomic research at the San Francisco Fed — a position he had held since 2013.
The Bank of Canada said in a news release that it will immediately begin the selection process for a new deputy governor. Meanwhile, some analysts have begun speculating that Mr. Leduc may be returning to the Federal Reserve Bank of San Francisco in order to lead it. Derek Holt, Vice-President at Scotiabank Economics, put out a note to clients entitled “A Canadian to Head Up the San Fran Fed?”
Holt said it is not inconceivable to assume that Mr. Leduc was returning to San Francisco to head it up, noting that John Williams' post as the San Francisco's Fed's President is currently vacant and a search was launched in mid-May to find a new president.
