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U.S. Latest Forecast Tables

 

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Interest Rate Outlook

F: Forecast by TD Economics, September 2026. All forecasts are end-of-period.
Source: Bloomberg, Federal Reserve, TD Economics.
Interest Rates 2026 2027 2028
Q1 Q2 Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Fed Funds Target Rate  3.75 3.75 4.00 4.25 4.25 4.25 4.00 3.75 3.75 3.75 3.75 3.75
3-mth T-Bill Rate  3.61 3.74 4.05 4.15 4.15 4.05 3.80 3.65 3.65 3.65 3.65 3.55
2-yr Govt. Bond Yield  3.79 4.14 4.60 4.40 4.10 3.90 3.80 3.65 3.60 3.55 3.50 3.40
5-yr Govt. Bond Yield  3.92 4.19 4.75 4.55 4.30 4.20 4.05 3.95 3.90 3.90 3.85 3.85
10-yr Govt. Bond Yield  4.30 4.44 4.90 4.70 4.55 4.40 4.35 4.25 4.25 4.25 4.25 4.20
30-yr Govt. Bond Yield  4.88 4.91 5.30 5.10 4.95 4.80 4.75 4.65 4.65 4.65 4.65 4.60
10-yr-2-yr Govt Spread 0.51 0.30 0.30 0.30 0.45 0.50 0.55 0.60 0.65 0.70 0.75 0.80

Foreign Exchange Outlook

F: Forecast by TD Economics, September 2026. All forecasts are end-of-period.
Source: Bloomberg, Federal Reserve, TD Economics.
Currency Exchange Rate 2026 2027 2028
Q1 Q2 Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
 Euro   USD per EUR 1.15 1.14 1.15 1.16 1.16 1.17 1.18 1.19 1.20 1.20 1.20 1.20
 UK Pound   USD per GBP 1.32 1.33 1.34 1.37 1.37 1.38 1.39 1.39 1.39 1.39 1.39 1.39
 Canadian Dollar   CAD per USD 1.40 1.42 1.40 1.39 1.39 1.39 1.38 1.37 1.36 1.36 1.35 1.35
 Swiss Franc   CHF per USD 0.80 0.81 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82 0.82
 Japanese Yen   JPY per USD 159 163 156 155 155 154 153 153 152 152 151 150

Commodity Price Outlook

F: Forecast by TD Economics, September 2026. All forecasts are period averages.
Source: Bloomberg, TD Economics.
Commodity 2026 2027 2028
Q1 Q2 Q3F Q4F Q1F Q2F Q3F Q4F Q1F Q2F Q3F Q4F
Crude Oil (WTI, $US/bbl) 73 93 86 94 85 79 76 75 75 76 76 77
Natural Gas ($US/MMBtu) 4.71 2.95 2.85 3.15 3.35 3.25 3.15 3.15 3.17 3.18 3.20 3.21
Gold ($US/troy oz.) 4865 4512 4300 4400 4650 4850 4850 4750 4774 4798 4822 4846
Silver ($US/troy oz.) 83.71 73.29 63.00 65.00 70.00 72.00 72.00 70.00 70.35 70.70 71.06 71.41
Copper (cents/lb) 582 603 645 615 590 600 610 610 613 616 619 622
Nickel ($US/lb) 7.87 8.21 7.60 7.50 7.75 7.75 7.95 7.95 7.99 8.03 8.07 8.11
Aluminum (cents/lb) 145 162 148 144 137 136 134 134 135 135 136 137
Wheat ($US/bu) 5.50 6.08 6.77 6.75 6.85 6.90 6.95 7.00 7.04 7.07 7.11 7.14


U.S. Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics, September 2026. ** Non-farm business sector.
Source: Bureau of Labor Statistics, Bureau of Economic Analysis, Census Bureau, TD Economics.
Economic Indicators 2026 2027 2028 Annual Average 4th Qtr/4th Qtr
Q1 Q2 Q3F Q4F Q1 Q2F Q3F Q4F Q1F Q2F Q3F Q4F 26F 27F 28F 26F 27F 28F
 Real GDP 2.1 1.5 2.8 2.2 1.9 2.0 2.2 2.3 2.0 2.0 2.0 1.9 2.2 2.1 2.1 2.2 2.1 2.0
 Consumer Expenditure 0.5 3.4 3.0 1.9 1.7 1.9 2.1 2.1 2.1 2.1 2.1 2.1 2.2 2.1 2.1 2.2 1.9 2.1
Durable Goods             0.5 5.7 2.0 1.2 1.5 2.3 3.2 3.2 3.5 3.5 3.5 3.5 1.9 2.2 3.3 2.3 2.5 3.5
 Business Investment 10.6 8.5 9.5 7.1 5.9 5.9 5.3 4.9 3.4 3.1 3.0 2.9 7.2 6.6 3.9 8.9 5.5 3.1
Non-Res. Structures -4.7 -1.8 -2.0 -1.0 -1.0 -1.0 0.0 0.0 1.0 1.0 2.0 2.0 -4.2 -1.0 0.7 -2.4 -0.5 1.5
Equipment & IPP* 14.7 11.0 12.2 9.0 7.5 7.5 6.5 6.0 4.0 3.5 3.3 3.1 10.1 8.3 4.6 11.7 6.9 3.5
 Residential Investment -7.8 1.2 -6.1 0.0 2.8 4.3 3.9 3.1 3.2 3.2 3.2 3.0 -4.1 1.5 3.3 -3.2 3.5 3.2
 Govt. Expenditure 4.4 -1.0 1.9 1.9 1.3 0.9 0.9 0.7 0.5 0.4 0.3 0.2 0.4 1.2 0.5 1.8 1.0 0.3
 Final Domestic Demand 2.2 3.3 3.3 2.6 2.3 2.4 2.4 2.3 2.0 2.0 1.9 1.9 2.3 2.6 2.1 2.8 2.3 2.0
 Exports                   10.9 4.5 -4.0 3.0 2.7 2.7 2.8 2.8 3.0 3.0 3.0 3.0 3.6 2.0 2.9 3.4 2.7 3.0
 Imports                   11.8 12.5 8.0 6.1 6.0 6.1 5.0 4.0 2.9 2.5 2.5 2.5 3.4 6.4 3.4 9.6 5.3 2.6
 Change in Private Inventories -16.7 -53.1 1.3 6.7 16.7 26.7 36.7 46.7 46.7 46.7 46.7 46.7 -15.4 31.7 46.7 -- -- --
 Final Sales 1.9 2.2 1.8 2.1 1.8 1.9 2.1 2.1 2.0 2.0 2.0 2.0 2.3 1.9 2.0 2.0 2.0 2.0
 Pre-tax Corporate Profits                                    
 Including IVA&CCA 7.0 41.5 8.7 9.6 6.2 8.9 8.1 6.5 4.9 4.5 3.0 2.9 17.9 9.8 5.4 15.9 7.4 3.8
% of GDP  13.9 14.9 15.0 15.2 15.2 15.4 15.5 15.6 15.6 15.6 15.6 15.5 14.7 15.4 15.6 -- -- --
 GDP Deflator (y/y) 3.3 4.4 3.8 3.6 3.2 2.2 2.4 2.2 2.3 2.2 2.2 2.2 3.8 2.5 2.2 3.6 2.2 2.2
 Nominal GDP  5.8 8.0 4.7 5.0 4.0 4.7 4.5 4.6 4.4 4.2 4.1 4.1 6.0 4.7 4.4 5.9 4.4 4.2
 Labor Force -2.6 -1.3 -0.5 0.8 0.2 0.3 0.3 0.3 0.4 0.4 0.4 0.4 -0.6 0.2 0.4 -0.9 0.3 0.4
 Non-Farm Employment  0.3 0.7 0.5 0.6 0.4 0.3 0.3 0.3 0.3 0.3 0.3 0.2 0.3 0.4 0.3 0.5 0.3 0.3
 Change in Non-Farm Empl. ('000s)  129 291 194 237 158 135 130 130 120 100 101 100 494 704 467 851 553 421
 Unemployment Rate (%)  4.3 4.3 4.1 4.1 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.0 4.2 4.0 4.0 -- -- --
 Personal Disp. Income  5.6 3.7 4.9 5.0 5.3 5.1 5.1 5.0 5.3 4.9 4.9 4.8 4.1 5.0 5.1 4.8 5.1 5.0
 Pers. Savings Rate (%)  3.9 2.8 2.7 2.7 3.2 3.5 3.8 4.0 4.3 4.5 4.6 4.8 3.0 3.6 4.6 -- -- --
 Cons. Price Index (y/y) 2.7 3.8 3.4 3.4 2.8 1.7 1.8 1.6 1.8 2.0 2.1 2.2 3.3 2.0 2.0 3.4 1.6 2.2
 Core CPI (y/y) 2.5 2.7 2.4 2.6 2.4 2.3 2.3 2.2 2.2 2.2 2.2 2.2 2.6 2.3 2.2 2.6 2.2 2.2
 Core PCE Price Index (y/y) 3.1 3.4 3.4 3.3 2.7 2.4 2.2 2.0 2.0 2.0 2.0 2.0 3.3 2.3 2.0 3.3 2.0 2.0
 Housing Starts (mns)  1.42 1.34 1.28 1.32 1.34 1.37 1.39 1.40 1.42 1.43 1.45 1.46 1.34 1.37 1.44 -- -- --
 Real Output per Hour** (y/y) 2.9 2.2 1.5 1.7 1.8 1.9 1.9 1.9 1.9 1.9 1.7 1.6 2.1 1.9 1.8 1.7 1.9 1.6


Economic Indicators: G7 & Europe

F: Forecast by TD Economics, September 2026. * Share of 2024 world gross domestic product (GDP) at PPP.
Source: National Statistics Agencies, TD Economics.
  2026F 2027F 2028F
Real GDP (Annual Per Cent Change)
G7 1.5 1.6 1.6
  U.S. 2.2 2.1 2.1
  Japan 0.9 0.8 0.4
  Euro Area 1.0 1.3 1.1
  Germany 1.0 1.0 0.9
  France 0.4 0.7 1.0
  Italy 1.0 0.9 0.8
  United Kingdom 1.2 1.2 1.5
  Canada 0.9 1.6 1.8
Consumer Price Index (Annual Per Cent Change)
G7 2.3 2.2 2.0
  U.S. 3.3 2.0 2.0
  Japan 1.8 2.0 2.0
  Euro Area 2.8 2.0 2.2
  Germany 2.6 2.5 2.0
  France 2.2 2.0 2.0
  Italy 2.7 2.4 2.0
  United Kingdom 3.2 2.7 2.0
  Canada 2.9 2.5 1.9
Unemployment Rate (Per Cent Annual Averages)
  U.S. 4.2 4.0 4.0
  Japan 2.5 2.4 2.3
  Euro Area 6.3 6.2 6.2
  Germany 6.3 6.1 6.0
  France 8.3 8.0 7.9
  Italy 5.6 5.5 5.5
  United Kingdom 5.1 5.2 5.2
  Canada 6.6 6.4 6.0


Global Economic Outlook

[Annual Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics, September 2026. * Share of 2024 world gross domestic product (GDP) at PPP. Forecast for India refers to fiscal year.
Source: International Monetary Fund, TD Economics.
2024 Share* Forecast
Real GDP (%) 2026F 2027F 2028F
World 100.0 3.1 3.1 2.9
North America 17.9 2.0 2.2 2.2
   United States 14.8 2.2 2.1 2.1
   Canada 1.3 0.9 1.6 1.8
   Mexico 1.7 1.5 1.9 2.1
European Union (EU-27) 14.2 1.3 1.5 1.4
   Euro Area (EU-20) 12.2 1.0 1.3 1.1
        Germany 3.0 1.0 1.0 0.9
        France  2.2 0.4 0.7 1.0
        Italy 1.8 1.0 0.9 0.8
   Other EU Members 3.8 3.3 2.4 2.2
Asia 46.9 4.6 4.2 4.1
   Japan 3.3 0.9 0.8 0.4
   Asian NIC's 3.5 5.6 2.6 2.4
        Hong Kong 0.3 4.3 2.2 2.4
        Korea 1.6 3.5 2.3 2.4
        Singapore  0.5 5.1 2.5 2.4
        Taiwan 0.9 10.9 3.8 2.1
   Russia 3.5 0.2 1.4 1.5
   Australia & New Zealand 1.2 2.0 2.0 2.2
   Emerging Asia 35.7 5.3 5.0 4.9
        ASEAN-5 5.2 5.2 5.0 5.0
        China 19.3 4.5 4.4 3.9
        India** 8.2 7.2 6.4 6.1
Central/South America 5.3 2.2 2.3 2.4
   Brazil 2.4 2.2 2.1 2.2
Other Emerging Markets 12.8 1.4 2.8 3.0
Other Advanced 3.2 2.9 2.5 2.2
   United Kingdom 2.2 1.2 1.2 1.5

Long-Term U.S. Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics, June 2026.
* Intellectual property products. ** Non-farm business sector.
Source: Bureau of Labor Statistics, Bureau of Economic Analysis, Census Bureau, TD Economics.
Economic Indicator Annual Average Fourth Quarter / Fourth Quarter
25 26F 27F 28F 29F 30F 31F 25 26F 27F 28F 29F 30F 31F
 Real GDP 2.1 2.2 2.2 2.0 2.0 2.0 2.0 2.0 2.2 2.2 1.9 2.0 2.0 2.0
 Consumer Expenditure 2.6 2.1 2.0 2.0 2.1 2.2 2.2 2.1 1.9 2.1 2.0 2.2 2.2 2.2
Durable Goods             3.6 1.8 3.2 3.4 3.5 3.5 3.5 0.1 2.7 3.2 3.5 3.5 3.5 3.5
 Business Investment 4.1 6.7 4.9 3.2 2.7 2.7 2.7 5.6 7.9 3.9 2.7 2.7 2.7 2.7
Non-Res. Structures -5.3 -4.4 0.3 1.6 2.0 2.0 2.0 -5.5 -2.4 1.0 2.0 2.0 2.0 2.0
Equipment & IPP* 6.9 9.6 6.0 3.5 2.9 2.9 2.9 8.8 10.5 4.6 2.9 2.9 2.9 2.9
 Residential Investment -2.2 -3.0 4.3 3.9 2.8 2.2 1.6 -3.8 -0.9 5.8 3.0 2.8 1.8 1.6
 Govt. Expenditure 1.1 0.6 0.9 0.6 0.3 0.2 0.0 -1.2 1.8 0.9 0.4 0.3 0.1 0.1
 Final Domestic Demand 2.4 2.2 2.3 2.0 1.9 1.9 1.9 1.8 2.6 2.3 1.9 2.0 1.9 1.9
 Exports                   1.6 6.6 3.4 2.9 3.0 3.0 3.0 1.1 8.0 2.7 3.0 3.0 3.0 3.0
 Imports                   2.7 5.9 5.0 2.6 2.5 2.5 2.5 -1.9 12.0 3.2 2.6 2.5 2.5 2.5
 Change in Private                            
 Inventories 28.6 8.7 41.7 41.7 41.7 41.7 41.7 --- --- --- --- --- --- ---
 Final Sales 2.2 2.2 2.1 2.0 2.0 2.0 2.0 2.2 1.9 2.2 1.9 2.0 2.0 2.0
 Pre-Tax Corporate Profits                            
 Including IVA&CCA 7.3 7.7 3.5 6.2 4.8 3.2 2.8 9.6 2.2 4.7 5.5 4.5 2.9 3.0
% of GDP  13.3 13.5 13.3 13.6 13.7 13.5 13.4 --- --- --- --- --- --- ---
 GDP Deflator (y/y) 2.8 3.7 2.5 2.2 2.0 2.1 2.2 3.3 3.5 2.2 2.1 2.0 2.1 2.2
 Nominal GDP  5.0 6.0 4.7 4.2 4.0 4.1 4.2 5.4 5.8 4.4 4.1 4.1 4.1 4.2
 Labor Force 1.6 -0.4 0.2 0.3 0.4 0.4 0.4 1.8 -0.7 0.2 0.4 0.4 0.4 0.4
 Employment  0.5 0.4 0.5 0.3 0.2 0.2 0.2 0.2 0.6 0.4 0.3 0.2 0.2 0.2
 Change in Empl. ('000s)  745 588 778 520 400 399 400 317 950 660 435 400 399 400
 Unemployment Rate (%)  4.3 4.3 4.1 4.0 4.0 4.0 4.0 --- --- --- --- --- --- ---
 Personal Disp. Income  4.3 3.9 4.9 5.8 5.5 5.1 4.8 3.9 4.3 5.6 5.9 5.2 5.0 4.7
 Pers. Savings Rate (%)  4.6 3.0 3.6 5.3 6.5 7.2 7.6 --- --- --- --- --- --- ---
 Cons. Price Index (y/y) 2.7 3.5 2.0 2.1 2.2 2.2 2.2 2.7 3.5 1.8 2.2 2.2 2.2 2.2
 Core CPI (y/y) 2.9 2.8 2.5 2.2 2.2 2.2 2.2 2.7 3.0 2.3 2.2 2.2 2.2 2.2
 Core PCE Price Index (y/y) 2.8 3.3 2.3 2.0 2.0 2.0 2.0 2.9 3.3 2.1 2.0 2.0 2.0 2.0
 Housing Starts (mns)  1.4 1.4 1.5 1.6 1.6 1.6 1.6 --- --- --- --- --- --- ---
 Real Output per Hour** (y/y) 2.3 2.2 1.9 1.7 1.6 1.5 1.5 2.5 1.9 1.7 1.6 1.6 1.5 1.5

Long-Term Canadian Economic Outlook

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics, June 2026.
* Intellectual Property Products. ** CPIX: CPI ex. 8 most volatile components. *** BoC Inflation: Avg. of CPI-trim and CPI-median.
Note: Home price measure shown is the CREA Composite Sale Price.
Source: Statistics Canada, Bank of Canada, CMHC, CREA, TD Economics.
            Economic Indicator                 Annual Average 4th Quarter / 4th Quarter
25 26F 27F 28F 29F 30F 31F 25 26F 27F 28F 29F 30F 31F
  Real GDP 1.9 0.7 1.8 1.8 1.8 1.7 1.7 0.7 1.3 1.8 1.8 1.8 1.7 1.7
Consumer Expenditure 2.4 1.4 1.5 1.7 1.7 1.7 1.7 1.9 1.2 1.6 1.7 1.7 1.7 1.7
Durable Goods             0.7 -2.0 1.4 1.5 1.6 1.7 1.7 -2.5 -0.5 1.4 1.6 1.6 1.7 1.7
Business Investment 0.2 0.7 2.2 2.4 2.0 1.9 1.8 -0.6 1.3 2.6 2.2 2.0 1.8 1.8
Non-Res. Structures 1.7 -2.6 2.1 2.5 2.1 1.9 1.8 1.1 -2.6 2.8 2.3 2.0 1.9 1.8
Equipment & IPP* -1.2 3.9 2.3 2.2 2.0 1.8 1.8 -2.3 5.1 2.4 2.1 1.9 1.8 1.8
Residential Investment 0.5 -3.4 0.6 1.1 1.4 1.5 1.6 -3.9 -1.9 0.8 1.2 1.4 1.6 1.6
Govt. Expenditure 3.2 1.4 2.3 2.1 2.0 1.9 1.8 3.1 0.9 2.3 2.0 1.9 1.8 1.8
    Final Domestic Demand 2.2 1.0 1.7 1.8 1.8 1.8 1.7 1.5 0.9 1.8 1.8 1.8 1.7 1.7
Exports                   -1.4 2.6 2.8 2.6 2.5 2.5 2.5 -2.9 3.9 2.5 2.5 2.5 2.5 2.5
Imports                   -0.3 3.4 3.1 2.8 2.7 2.6 2.5 -1.2 5.7 3.0 2.7 2.6 2.6 2.5
Change in Non-Farm                            
Inventories (2012 $Bn) 0.6 6.1 10.2 12.2 14.1 14.8 15.2 -- -- -- -- -- -- --
   Final Sales 2.2 0.9 1.6 1.8 1.7 1.7 1.7 1.6 0.0 1.8 1.7 1.7 1.7 1.7
International Current                            
Account Balance ($Bn)  -30.8 1.3 -13.9 -15.8 -16.5 -16.6 -16.5 -- -- -- -- -- -- --
% of GDP  -0.9 0.0 -0.4 -0.4 -0.4 -0.4 -0.4 -- -- -- -- -- -- --
Pre-Tax Corp. Profits 6.2 6.9 -0.9 2.1 2.8 2.9 3.0 4.5 2.1 1.3 2.4 2.8 2.9 3.1
% of GDP  14.2 14.5 14.0 13.7 13.6 13.5 13.4 -- -- -- -- -- -- --
  GDP Deflator (y/y) 2.5 3.7 1.4 2.0 2.0 2.0 2.0 2.7 2.7 2.0 1.9 2.0 2.0 2.0
  Nominal GDP  4.4 4.4 3.1 3.8 3.8 3.8 3.7 3.4 4.0 3.8 3.8 3.8 3.7 3.7
  Labour Force 1.9 0.1 0.2 0.4 0.4 0.5 0.4 1.3 -0.2 0.3 0.4 0.5 0.4 0.4
  Employment  1.4 0.4 0.6 0.7 0.5 0.5 0.5 1.3 0.1 0.7 0.6 0.5 0.5 0.4
  Change in Empl. ('000s)  296 82 132 146 99 97 97 261 25 156 117 97 97 97
  Unemployment Rate (%)  6.8 6.6 6.2 5.9 5.9 5.9 5.9 -- -- -- -- -- -- --
  Personal Disp. Income  3.9 3.3 3.4 3.4 3.4 3.5 3.5 2.0 3.7 3.5 3.3 3.5 3.5 3.5
  Pers. Savings Rate (%)  4.4 3.9 3.9 3.7 3.4 3.2 3.0 -- -- -- -- -- -- --
  Cons. Price Index (y/y) 2.1 2.6 2.0 2.0 2.0 2.0 2.0 2.2 2.4 2.1 2.0 2.0 2.0 2.0
  CPIX (y/y) ** 2.6 2.3 2.1 2.0 2.0 2.0 2.0 2.8 2.2 2.0 2.0 2.0 2.0 2.0
  BoC Inflation (y/y) *** 2.9 2.3 2.2 2.0 2.0 2.0 2.0 2.8 2.4 2.0 2.0 2.0 2.0 2.0
  Housing Starts ('000s) 258.4 246.4 226.2 232.1 234.4 233.5 233.0 -- -- -- -- -- -- --
  Home Prices (y/y) -1.4 -0.3 2.9 4.0 3.8 3.4 3.3 -2.0 -0.3 3.4 4.1 3.6 3.3 3.2
  Real GDP / Worker (y/y) 0.4 0.3 1.1 1.1 1.3 1.3 1.3 -0.5 1.2 1.0 1.2 1.3 1.3 1.3

 

Long-Term Interest Rates

[Period-Over-Period Annualized Per Cent Change Unless Otherwise Indicated]

F: Forecast by TD Economics, June 2026.
*Upper bound of target range.
Note: Annual averages are the average of the four quarterly end-of-period forecasts.
Source: Bank of Canada, Bloomberg, Statistics Canada, TD Economics.
Interest Rates Annual Average End of Period
25 26F 27F 28F 29F 30F 31F 25 26F 27F 28F 29F 30F 31F
U.S. FIXED INCOME                            
   Fed Funds Target Rate (%)* 4.37 3.75 3.38 3.25 3.25 3.25 3.25 3.75 3.75 3.25 3.25 3.25 3.25 3.25
   3-mth T-Bill Rate (%) 4.07 3.62 3.24 3.15 3.15 3.15 3.15 3.57 3.55 3.15 3.15 3.15 3.15 3.15
   2-yr Govt. Bond Yield (%) 3.81 3.78 3.38 3.35 3.35 3.35 3.35 3.47 3.60 3.35 3.35 3.35 3.35 3.35
   5-yr Govt. Bond Yield (%) 3.93 3.92 3.71 3.70 3.70 3.70 3.70 3.73 3.75 3.70 3.70 3.70 3.70 3.70
   10-yr Govt. Bond Yield (%) 4.29 4.29 4.11 4.10 4.10 4.10 4.10 4.18 4.15 4.10 4.10 4.10 4.10 4.10
  10-yr-2-yr Govt. Spread (%) 0.48 0.52 0.73 0.75 0.75 0.75 0.75 0.71 0.55 0.75 0.75 0.75 0.75 0.75
CANADIAN FIXED INCOME                            
   Overnight Target Rate (%) 2.71 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25 2.25
   3-mth T-Bill Rate (%) 2.58 2.25 2.25 2.25 2.25 2.25 2.25 2.15 2.25 2.25 2.25 2.25 2.25 2.25
   2-yr Govt. Bond Yield (%) 2.53 2.74 2.60 2.60 2.60 2.60 2.60 2.58 2.65 2.60 2.60 2.60 2.60 2.60
   5-yr Govt. Bond Yield (%) 2.84 3.03 2.91 2.90 2.90 2.90 2.90 2.96 2.95 2.90 2.90 2.90 2.90 2.90
  10-yr Govt. Bond Yield (%) 3.24 3.40 3.26 3.25 3.16 3.15 3.15 3.42 3.30 3.25 3.25 3.15 3.15 3.15
  10-yr-2-yr Govt. Spread (%) 0.71 0.66 0.66 0.65 0.56 0.55 0.55 0.84 0.65 0.65 0.65 0.55 0.55 0.55
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