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 CAD) 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.