Tiff Macklem

Tiff Macklem began his career at the Bank of Canada in 1984 and rose through the ranks to become Senior Deputy Governor before leaving to become Dean of the Rotman School of Management at the University of Toronto. He returned as Governor in 2020, succeeding Stephen Poloz. His tenure has been defined by the extraordinary monetary response to the COVID-19 pandemic — cutting rates to near-zero and expanding the Bank's balance sheet through quantitative easing — followed by one of the most rapid rate hiking cycles in Canadian history as inflation surged. Canada's rate hikes were particularly consequential given the country's large household debt burden and exposure to variable-rate mortgages, making the transmission of monetary policy unusually powerful. Macklem has navigated the challenge of moderating a housing-heavy economy while bringing inflation back to target.