The C.D. Howe Institute has added J.P. Morgan Chase Canada’s chief economist to its Monetary Policy Council (MPC).

William Robson, senior vice president and director of research at the C.D. Howe Institute announced that Ted Carmichael, vp and chief Canadian economist at J.P. Morgan Chase Canada, has joined the MPC.

Carmichael replaces Don Drummond, senior vp and chief economist at TD Bank Financial Group. A founding member of the MPC, Drummond is stepping down after three years.

The MPC is comprised of 12 financial-market and monetary economists. It convenes to discuss and recommend a target for the Bank of Canada’s benchmark interest rate shortly before each of the Bank’s interest-rate announcements. The Council provides a regular, independent assessment of the Bank’s stance as it seeks to achieve its 2% inflation target.

Carmichael received his undergraduate economics degree from Queen’s University, his MA from Carleton University, and returned to Queen’s for PhD studies. Prior to joining J.P. Morgan in 1994, he was senior economist and director at Burns Fry Limited. He also held positions as VP and director of research at the C.D. Howe Institute; senior economist at Shell Canada Limited; and economist at the Conference Board of Canada. He is currently responsible for communicating J.P. Morgan’s global economic and market views to the firm’s Canadian clients and for providing detailed insight on the Canadian economy and market strategy to J.P. Morgan Chase’s clients around the world.

“Ted Carmichael is pre-eminent among Canada’s private-sector observers of monetary policy,” said Robson, who is the MPC’s non-voting chair. “His insights will make a valuable addition to the deliberations of the Monetary Policy Council and to its advice on the Bank of Canada’s overnight rate decisions.”