TD Economics Key Financial Forecasts
  Current Rate 2024 2025 2026
  6/27/25 Q1 Q2 Q3 Q4 Q1 Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Fed Funds Target Rate 4.50 5.50 5.50 5.00 4.50 4.50 4.50 4.25 3.75 3.75 3.25 3.25 3.25
2-yr Govt. Bond Yield 3.75 4.59 4.71 3.66 4.25 3.89 4.03 3.83 3.58 3.25 3.25 3.25 3.25
10-yr Govt. Bond Yield 4.28 4.20 4.36 3.81 4.58 4.23 4.52 4.50 4.25 4.00 4.00 4.00 4.00
30-yr Govt. Bond Yield 4.83 4.34 4.51 4.14 4.78 4.59 4.99 4.95 4.65 4.30 4.30 4.30 4.30
Forecast by TD Economics as of June 2025; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics.