A Bank of America economic team says that Canada is now in a technical recession following two quarters of decline. The bank’s estimate is that the economy declined by 0.6 per cent in the second quarter of 2015; the same as in the first three months. It’s the first bank to call for a recession, defined by two consecutive quarters of negative growth. Analysts are now talking of an interest rate cut by the Bank of Canada this year with some even suggesting it will happen on July 15.