The Globe and Mail reports in its Friday, Feb. 6, edition that Bank of Canada Governor Tiff Macklem welcomes Kevin Warsh's nomination to head the Federal Reserve. The Globe's Rita Trichur writes that Mr. Macklem has not commented on Mr. Warsh's prospective plans for the Fed. Mr. Macklem remains a vocal supporter of the Fed's independence. "The Federal Reserve, it's the most important central bank in the world, and we all need the Fed to work well," Mr. Macklem said on Thursday. "Our financial markets in Canada are very integrated with U.S. financial markets." A loss of independence would result in a less predictable Fed, and that would affect U.S. interest rates, he said. For instance, movements in the five-year U.S. Treasury interest rate could affect the yield on the corresponding Government of Canada bond, which influences borrowing rates for business loans and consumer mortgages. "Central banks with operational independence for monetary policy; they do a better job of delivering price stability for their citizens," Mr. Macklem said. Mr. Macklem believes Chairman Jerome Powell has guided the Fed based on evidence and economic judgments, not politics. Ms. Trichur says, "Amen to that."