| Table 1: Economic & Financial Forecasts | |||
| 2019F | 2020F | 2021F | |
| Real GDP (annual % change) | |||
| Canada | 1.7 | 1.6 | 1.8 |
| U.S. | 2.3 | 2.0 | 1.9 |
| Canada (rates, %) | |||
| Overnight Target Rate | 1.75 | 1.50 | 1.50 |
| 2-yr Govt. Bond Yield | 1.70 | 1.45 | 1.65 |
| 10-yr Govt. Bond Yield | 1.65 | 1.65 | 1.90 |
| U.S. (rates, %) | |||
| Fed Funds Target Rate | 1.75 | 1.75 | 2.25 |
| 2-yr Govt. Bond Yield | 1.65 | 1.90 | 2.30 |
| 10-yr Govt. Bond Yield | 1.90 | 2.20 | 2.60 |
| WTI ($US/bbl) | 56 | 59 | 60 |
| Exchange Rate (USD per CA | 0.76 | 0.76 | 0.77 |
| F: Forecast by TD Economics, December 2019; Forecasts for exchange rate and yields are end-of-period. Source: Bloomberg, Bank of Canada, U.S. Federal Reserve. | |||