TD Economics Key Financial Forecasts
	Current Rate	2024				2025				2026
	12/19/25	Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4F	Q1F	Q2F	Q3F	Q4F
Fed Funds Target Rate	3.75	5.50	5.50	5.00	4.50	4.50	4.50	4.25	3.75	3.75	3.50	3.25	3.25
2-yr Govt. Bond Yield	3.48	4.59	4.71	3.66	4.25	3.89	3.72	3.60	3.60	3.50	3.35	3.35	3.35
10-yr Govt. Bond Yield	4.13	4.20	4.36	3.81	4.58	4.23	4.24	4.16	4.15	4.05	4.00	4.00	4.00
30-yr Govt. Bond Yield	4.81	4.34	4.51	4.14	4.78	4.59	4.78	4.73	4.75	4.60	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.