After all, concentration and correlation are as bad for ideas as they are for financial assets. The central banking community counts on Andy to mitigate that risk. The records suggest that Ferdinand Pecora was ‘an astute prosecutor with a sharp wit and acerbic tongue’. 19 Andy’s tongue may not be acerbic, but his wit is sharp.
Although the Canadian dollar has remained firm against other major currencies, the decline in its value against the U.S. dollar until just recently has been the subject of much public commentary in Canada. Since the exchange rate is a key price in our economy, the Bank recognizes that movements in its value can be a source of concern for Canadians.