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. |
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