Disclaimer This report is provided by TD Economics. It is for informational and educational purposes only as of the date of writing, and may not be appropriate for other purposes. The views and opinions expressed may change at any time based on market or other conditions and may not come to pass. This material is not intended to be relied upon as investment advice or recommendations, does not constitute a solicitation to buy or sell securities and should not be considered specific legal, investment or tax advice. The report does not provide material information about the business and affairs of TD Bank Group and the members of TD Economics are not spokesper - sons for TD Bank Group with respect to its business and affairs. The information contained in this report has been drawn from sources believed to be reliable, but is not guaranteed to be accurate or complete. This report contains economic analysis and views, including about future economic and financial markets performance. These are based on certain assumptions and other factors, and are subject to inherent risks and uncertainties. The actual outcome may be materially different. The Toronto-Dominion Bank and its affiliates and related entities that comprise the TD Bank Group are not liable for any errors or omissions in the information, analysis or views contained in this report, or for any loss or damage suffered. 26F 27F 28F 29F 30F 31F 32F 26F 27F 28F 29F 30F 31F 32F U.S. FIXED INCOME Fed Funds Target Rate (%)* 3.88 4.13 3.75 3.38 3.25 3.25 3.25 4.25 3.75 3.75 3.25 3.25 3.25 3.25 3-mth T-Bill Rate (%) 3.76 3.98 3.64 3.24 3.15 3.15 3.15 4.15 3.65 3.55 3.15 3.15 3.15 3.15 2-yr Govt. Bond Yield (%) 4.08 3.96 3.55 3.36 3.35 3.35 3.35 4.40 3.65 3.40 3.35 3.35 3.35 3.35 5-yr Govt. Bond Yield (%) 4.23 4.20 3.89 3.81 3.80 3.80 3.80 4.55 3.95 3.85 3.80 3.80 3.80 3.80 10-yr Govt. Bond Yield (%) 4.52 4.45 4.25 4.20 4.20 4.20 4.20 4.70 4.25 4.20 4.20 4.20 4.20 4.20 10-yr-2-yr Govt. Spread (%) 0.45 0.49 0.70 0.84 0.85 0.85 0.85 0.30 0.60 0.80 0.85 0.85 0.85 0.85 CANADIAN FIXED INCOME Overnight Target Rate (%) 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 2.25 3-mth T-Bill Rate (%) 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 2.25 2-yr Govt. Bond Yield (%) 2.99 2.65 2.60 2.60 2.60 2.60 2.60 3.10 2.60 2.60 2.60 2.60 2.60 2.60 5-yr Govt. Bond Yield (%) 3.21 3.27 2.99 2.91 2.90 2.90 2.90 3.50 3.05 2.95 2.90 2.90 2.90 2.90 10-yr Govt. Bond Yield (%) 3.57 3.46 3.30 3.26 3.25 3.25 3.25 3.70 3.30 3.30 3.25 3.25 3.25 3.25 10-yr-2-yr Govt. Spread (%) 0.58 0.81 0.70 0.66 0.65 0.65 0.65 0.60 0.70 0.70 0.65 0.65 0.65 0.65 Source: Bloomberg, Bank of Canada, Federal Reserve, TD Economics. Interest Rate Outlook Interest Rates Annual Average End of Period F: Forecast by TD Economics, September 2026. * Upper bound of target range. Note: Annual averages are the average of the four quarterly end-of-period forecasts. For any media enquiries please contact Oriana Kobelak at 416-982-8061