TD Economics Key Financial Forecasts
	Current Rate	2020				2021				2022
	1/15/21	Q1	Q2	Q3	Q4	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Fed Funds Target Rate	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25	0.25
2-yr Govt. Bond Yield	0.14	0.23	0.16	0.13	0.13	0.20	0.20	0.20	0.20	0.20	0.25	0.30	0.35
10-yr Govt. Bond Yield	1.09	0.70	0.66	0.69	0.93	1.05	1.20	1.35	1.50	1.55	1.60	1.65	1.70
30-yr Govt. Bond Yield	1.84	1.35	1.41	1.46	1.65	1.75	1.85	1.95	2.05	2.10	2.15	2.20	2.25
Forecast by TD Economics as of December 2020; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics.