| TD Economics Key Financial Forecasts | |||||||||||||
| Current Rate | 2023 | 2024 | 2025 | ||||||||||
| 7/26/24 | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3F | Q4F | Q1F | Q2F | Q3F | Q4F | |
| Fed Funds Target Rate | 5.50 | 5.00 | 5.25 | 5.50 | 5.50 | 5.50 | 5.50 | 5.25 | 5.00 | 4.75 | 4.25 | 3.75 | 3.25 |
| 2-yr Govt. Bond Yield | 4.38 | 4.06 | 4.87 | 5.03 | 4.23 | 4.59 | 4.71 | 4.25 | 4.05 | 3.75 | 3.45 | 3.15 | 3.00 |
| 10-yr Govt. Bond Yield | 4.20 | 3.48 | 3.81 | 4.59 | 3.88 | 4.20 | 4.36 | 4.10 | 3.95 | 3.80 | 3.65 | 3.50 | 3.45 |
| 30-yr Govt. Bond Yield | 4.46 | 3.67 | 3.85 | 4.73 | 4.03 | 4.34 | 4.51 | 4.30 | 4.20 | 4.10 | 3.95 | 3.80 | 3.75 |
| Forecast by TD Economics as of July 2024; all forecasts are end-of-period. Source: Bloomberg, Federal Reserve Board, TD Economics. | |||||||||||||