Table 1: Economic & Financial Forecasts
	2019F	2020F	2021F
Real GDP (annual % change)
Canada	1.6	0.2	2.1
U.S.	2.3	1.0	2.1
Canada (rates, %)
Overnight Target Rate	1.75	0.25	0.75
2-yr Govt. Bond Yield	1.69	0.80	1.50
10-yr Govt. Bond Yield	1.70	1.05	1.75
U.S. (rates, %)
Fed Funds Target Rate	1.75	0.25	1.00
2-yr Govt. Bond Yield	1.58	1.00	1.70
10-yr Govt. Bond Yield	1.92	1.25	1.95
WTI ($US/bbl)	57	45	52
Exchange Rate (USD per CAD)	0.77	0.74	0.77
F: Forecast by TD Economics, March 2020; Forecasts for exchange rate and yields are end-of-period. Source: Bloomberg, Bank of Canada, U.S. Federal Reserve.