18 Facts About Tiff Macklem

Richard Tiffany "Tiff" Macklem was born on June 4,1961 and is a Canadian banker and economist who has served as the tenth governor of the Bank of Canada since 2020.

Tiff Macklem was the former dean of the Rotman School of Management and had previously served as the senior deputy governor of the Bank of Canada.

Tiff Macklem's father was the chief financial officer of Birks.

Tiff Macklem's uncle, Peter Macklem, was an accomplished academic physician and researcher.

Tiff Macklem grew up in Westmount, where he attended Selwyn House School from grades 5 to 11.

Tiff Macklem graduated from Queen's University in 1983 with a bachelor's degree in economics, and completed a master's degree and a PhD in economics from the University of Western Ontario in 1989.

Tiff Macklem returned to the Bank of Canada in 1989 following the completion of his graduate studies.

Tiff Macklem occupied increasingly senior positions in the Research Department until his appointment as Chief in January 2000.

Tiff Macklem was appointed Adviser to the Governor in August 2003.

Tiff Macklem rejoined the Department of Finance as Associate Deputy Minister in 2007, in which he served until June 30,2010.

Tiff Macklem was appointed Senior Deputy Governor for a term of seven years beginning July 1,2010.

Tiff Macklem was responsible for overseeing strategic planning and coordinating of the Bank of Canada's operations, sharing responsibility for the conduct of monetary policy as a member of the Bank of Canada' governing council, and participating in fulfilling the Bank of Canada's responsibilities for promoting financial stability.

Tiff Macklem chaired the Standing Committee on Standards Implementation at the Financial Stability Board.

However Tiff Macklem was passed over in favour of Stephen Poloz, becoming the third senior deputy governor in a row, after Malcolm Knight and Paul Jenkins, not to be chosen as the governor of the BOC.

Tiff Macklem was considered a successor to former BOC Governor David Dodge and widely respected in the BOC and worldwide, although as a career civil servant he lacked the private sector experience that Carney and Poloz possessed.

Tiff Macklem was a member of Scotiabank's board of directors from June 2015 until his appointment as Bank of Canada Governor in 2020.

On May 1,2020, Tiff Macklem was named as the new governor of the Bank of Canada, succeeding Stephen Poloz.

The Bank, under Tiff Macklem, raised its key interest rate seven consecutive times in 2022.