| TD Economics Key Financial Forecasts | |||||||||||||
| Current Rate | 2022 | 2023 | 2024 | ||||||||||
| 9/22/23 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Fed Funds Target Rate | 5.50 | 0.50 | 1.75 | 3.25 | 4.50 | 5.00 | 5.25 | 5.50 | 5.50 | 5.50 | 5.25 | 4.75 | 4.25 |
| 2-yr Govt. Bond Yield | 5.09 | 2.28 | 2.92 | 4.22 | 4.41 | 4.06 | 4.87 | 5.00 | 4.70 | 4.40 | 4.10 | 3.80 | 3.50 |
| 10-yr Govt. Bond Yield | 4.43 | 2.32 | 2.98 | 3.83 | 3.88 | 3.48 | 3.81 | 4.35 | 4.10 | 3.90 | 3.65 | 3.45 | 3.35 |
| 30-yr Govt. Bond Yield | 4.53 | 2.44 | 3.14 | 3.79 | 3.97 | 3.67 | 3.85 | 4.35 | 4.30 | 4.20 | 3.95 | 3.75 | 3.65 |
| Forecast by TD Economics as of September 2023; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics. | |||||||||||||