| TD Economics Key Financial Forecasts | |||||||||||||
| Current Rate | 2024 | 2025 | 2026 | ||||||||||
| 8/22/25 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Fed Funds Target Rate | 4.50 | 5.50 | 5.50 | 5.00 | 4.50 | 4.50 | 4.50 | 4.25 | 3.75 | 3.75 | 3.25 | 3.25 | 3.25 |
| 2-yr Govt. Bond Yield | 3.69 | 4.59 | 4.71 | 3.66 | 4.25 | 3.89 | 3.72 | 3.76 | 3.51 | 3.30 | 3.25 | 3.25 | 3.25 |
| 10-yr Govt. Bond Yield | 4.26 | 4.20 | 4.36 | 3.81 | 4.58 | 4.23 | 4.24 | 4.27 | 4.10 | 4.00 | 4.00 | 4.00 | 4.00 |
| 30-yr Govt. Bond Yield | 4.88 | 4.34 | 4.51 | 4.14 | 4.78 | 4.59 | 4.78 | 4.85 | 4.50 | 4.30 | 4.30 | 4.30 | 4.30 |
| Forecast by TD Economics as of August 2025; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics. | |||||||||||||