Economic & Financial Forecasts
	2018	2019F	2020F
Real GDP (annual % change)
Canada	1.9	1.3	1.7
U.S.	2.9	2.6	1.8
Canada (rates, %)
Overnight Target Rate	1.75	1.75	1.75
2-yr Govt. Bond Yield	1.86	1.55	1.75
10-yr Govt. Bond Yield	1.96	1.65	1.95
U.S. (rates, %)
Fed Funds Target Rate	2.50	2.00	2.00
2-yr Govt. Bond Yield	2.48	2.00	2.20
10-yr Govt. Bond Yield	2.69	2.30	2.55
WTI, $US/bbl	59	59	62
Exchange Rate (USD per CAD)	0.73	0.77	0.77
F: Forecast by TD Economics, June 2019; Forecasts for oil price, exchange rate and yields are end-of-period. Source: Bloomberg, Bank of Canada, U.S. Federal Reserve.