Though media outlets are doing whatever they can to minimize it – calling it ‘quiet,’ ‘strange,’ or ‘aberrant’- the fact of the matter is that the Canadian economy is quite likely already in recession. After posting a contraction of 0.6% in real GDP in the first quarter of 2015, monthly GDP numbers have seen four consecutive contractions, indicating that second quarter GDP numbers will also be in the red.

Voila, a technical recession.

These numbers are putting pressure on governor Poloz to opt for another interest rate cut at the bank’s Wednesday meeting, with the aim of giving the Canadian economy a jolt. Recall that Poloz shocked pundits when he announced a cut of 25 basis points in January, bringing the Bank of Canada’s benchmark rate to 0.75%. Poloz likened the move to performing ‘life-saving surgery’ on the Canadian economy. He also famously warned the public that Canada’s first quarter GDP numbers were going to be ‘atrocious.’

The Canadian economy has been pummeled by the decline in global energy prices which, after appearing to rebound and stabilize above $60, have now dipped once again to flirt with the sub-$50 range. Canadian exporters have also been hurt by the overall decline in global commodity demand, stemming in large part from tepid growth in China and the resulting decline in copper and iron prices.