Tiff Macklem also refuted suggestions from some economists that Canada was in a recession or close to one.
"But I will say that if you're forecasting very small positives, you can't rule out that you could get a couple of small negatives. Some people might call that a technical recession. I don't think, you know, a couple of very small negatives are what most people think of when they think of a recession," he added.
"The data since mid-July are providing clearer evidence that higher interest rates are moderating spending and rebalancing demand and supply in the economy," he said.
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