TD Economics Key Financial Forecasts
	Current Rate	2019				2020				2021
	1/17/20	Q1	Q2	Q3	Q4	Q1F	Q2F	Q3F	Q4F	Q1F	Q2F	Q3F	Q4F
Fed Funds Target Rate	1.75	2.50	2.50	2.00	1.75	1.75	1.75	1.75	1.75	1.75	1.75	2.00	2.25
2-yr Govt. Bond Yield	1.56	2.27	1.75	1.63	1.58	1.70	1.75	1.80	1.90	2.00	2.10	2.20	2.30
10-yr Govt. Bond Yield	1.83	2.41	2.00	1.68	1.92	1.95	2.00	2.10	2.20	2.30	2.40	2.50	2.60
30-yr Govt. Bond Yield	2.28	2.81	2.52	2.12	2.39	2.35	2.40	2.50	2.60	2.70	2.75	2.80	2.85
Forecast by TD Economics as of December 2019; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics.