| TD Economics Key Financial Forecasts | |||||||||||||
| Current Rate | 2025 | 2026 | 2027 | ||||||||||
| 9-18-26 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Fed Funds Target Rate | 4.00 | 4.50 | 4.50 | 4.25 | 3.75 | 3.75 | 3.75 | 4.00 | 4.25 | 4.25 | 4.25 | 4.00 | 3.75 |
| 2-yr Govt. Bond Yield | 4.73 | 3.89 | 3.72 | 3.60 | 3.47 | 3.79 | 4.14 | 4.60 | 4.40 | 4.10 | 3.90 | 3.80 | 3.65 |
| 10-yr Govt. Bond Yield | 4.99 | 4.23 | 4.24 | 4.16 | 4.18 | 4.30 | 4.44 | 4.90 | 4.70 | 4.55 | 4.40 | 4.35 | 4.25 |
| 30-yr Govt. Bond Yield | 5.33 | 4.59 | 4.78 | 4.73 | 4.84 | 4.88 | 4.91 | 5.30 | 5.10 | 4.95 | 4.80 | 4.75 | 4.65 |
| Note: Forecast by TD Economics as of September 2026; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics. | |||||||||||||