The Financial Post reports in its Wednesday edition that the Bank of Canada Act should be amended to secure the central bank's independence as part of the government's five-year review of the institution, says a C.D. Howe Institute report on Tuesday. The Post's Jordan Gowling writes that every five years, the Bank of Canada and the federal government enter a review of the central bank's policy framework, with the next one scheduled for 2026. The BOC has so far indicated that the upcoming review will address how to find better ways to measure underlying inflation and focusing more on how monetary policy impacts housing affordability. BOC Governor Tiff Macklem has said the 2-per-cent inflation target will not be changed. Last month, BOC deputy governor Rhys Mendes also said the central bank was mulling whether to stop referring to core inflation as its "preferred" way to track price changes. The C.D. Howe report points to the need to ensure the BOC's independence at a time when the autonomy of central banks is being questioned, particularly in the United States. The institute's David Dodge says, "Storm clouds are on the horizon, especially given the political pressure being applied on the Fed south of the border."