TD Economics Key Financial Forecasts
  Current Rate 2024 2025 2026
  5/2/25 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 4.25 3.75 3.75 3.75 3.25 3.00 3.00
2-yr Govt. Bond Yield 3.83 4.59 4.71 3.66 4.25 3.89 3.80 3.55 3.30 3.05 3.00 3.00 3.00
10-yr Govt. Bond Yield 4.32 4.20 4.36 3.81 4.58 4.23 4.28 4.20 4.00 3.80 3.75 3.75 3.75
30-yr Govt. Bond Yield 4.79 4.34 4.51 4.14 4.78 4.59 4.73 4.60 4.38 4.15 4.05 4.05 4.05
Forecast by TD Economics as of April 2025; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics.