Bank of Canada Governor Tiff Macklem said on Tuesday that the current forecast is for positive but weak growth for the rest of the year, and therefore not a recession, and that by most people’s measures would be a “soft landing.”

The bank raised interest rates eight consecutive times through January, bringing the overnight benchmark to 4.50%, as it battled inflation. It has since kept rates steady at two meetings, in part because Macklem has said the goal is to slow growth, but avoid a recession.

Avoiding a recession while bringing inflation back to its 2% target, from 4.3% in March, would likely be seen by economists as a “soft landing”. The bank said last week the risk of a recession this year had diminished.

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