Interest Rate Outlook SPOTS
  2019 2020 2021 Mar-2020
  Q1 Q2 Q3 Q4 Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F  
Fed Funds Target Rate  2.50 2.50 2.00 0.25 0.25 0.25 0.25 0.25 0.25 0.50 0.75 1.00 0.25
3-mth T-Bill Rate  2.35 2.08 1.84 0.21 0.15 0.10 0.10 0.10 0.25 0.50 0.75 1.00 0.10
2-yr Govt. Bond Yield  2.27 1.75 1.63 0.36 0.45 0.60 0.80 1.00 1.20 1.40 1.60 1.70 0.60
5-yr Govt. Bond Yield  2.23 1.76 1.55 0.49 0.55 0.70 0.90 1.10 1.30 1.50 1.70 1.80 0.70
10-yr Govt. Bond Yield  2.41 2.00 1.68 0.72 0.70 0.85 1.05 1.25 1.45 1.65 1.85 1.95 0.85
30-yr Govt. Bond Yield  2.81 2.52 2.12 1.28 0.95 1.10 1.30 1.50 1.70 1.90 2.10 2.20 1.10
10-yr-2-yr Govt Spread 0.14 0.25 0.05 0.36 0.25 0.36 0.25 0.25 0.25 0.25 0.25 0.25 0.36
F: Forecast by TD Economics as at March 2020. All forecasts are end-of-period.
Source: Bloomberg, Federal Reserve, TD Economics.