Kozicki, who joined the Bank in 2006 and became deputy governor in 2021, has been responsible for analysis of domestic economic developments after a career that included senior roles at the US Federal Reserve.
Macklem thanked her for “exceptional service and unwavering commitment to rigorous policymaking that brings research, analysis and policy together.”
Her “keen insights and wealth of knowledge have been invaluable in navigating the challenges facing monetary policy amid the pandemic fallout, rising geopolitical tensions and shifting global trade dynamics,” he said.
A changing council at a delicate moment for mortgages
The Bank’s governing council carries the responsibility for keeping inflation near its 2% target while maintaining financial‑system stability, a balance that has driven the policy rate down to 2.25% after a series of cuts since mid‑2025.
Economists expect the policy rate to remain around current levels through 2026, offering relative stability for mortgage holders, though such projections remain conditional on trade tensions and growth risks.