TD Economics Key Financial Forecasts
	Current Rate	2025				2026				2027
	1/16/26	Q1	Q2	Q3	Q4	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Fed Funds Target Rate	3.75	4.50	4.50	4.25	3.75	3.75	3.50	3.25	3.25	3.25	3.25	3.25	3.25
2-yr Govt. Bond Yield	3.59	3.89	3.72	3.60	3.47	3.50	3.35	3.35	3.35	3.35	3.35	3.35	3.35
10-yr Govt. Bond Yield	4.21	4.23	4.24	4.16	4.17	4.05	4.00	4.00	4.00	4.00	4.00	4.00	4.00
30-yr Govt. Bond Yield	4.83	4.59	4.78	4.73	4.84	4.60	4.50	4.50	4.50	4.50	4.50	4.50	4.50
Forecast by TD Economics as of December 2025; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics.