Financial Market and Economic Forecasts

The September 2026–April 2027 forecasts point to overall gains in stocks and precious metals, rising interest rates, easing inflation, and lower crude oil prices.

U.S. Stock Indexes

All four indexes rise from September through February, pull back in March, and reach their forecast-period highs in April. The S&P 500 moves from 7,590 in September to 8,160 in February, 8,039 in March, and 8,234 in April. September-to-April levels increase from 52,259 to 56,180 for the Dow, 25,946 to 28,530 for the Nasdaq, and 2,893 to 3,151 for the Russell 2000.

Interest Rates

The 10-year Treasury yield rises from 5.00% in September to 5.34% in March, then eases to 5.29% in April. The 30-year mortgage rate follows the same pattern: 6.88%, 7.22%, and 7.17%. The federal funds rate climbs from 3.75% in September–October to 3.88% in November–December, 4.06% in January, and 4.13% in February–April.

Major Exchange Rates

EUR/USD and GBP/USD weaken to January lows of 1.118 and 1.310, recover to 1.166 and 1.362 in March, and ease to 1.160 and 1.355 in April. AUD/USD similarly bottoms at 0.689 in January, reaches 0.713 in March, and finishes at 0.710 in April.

USD/JPY rises from 157.7 in September to 163.0 in December, falls to 156.1 in March, and returns to 157.9 in April. USD/CNY ranges between 6.65 and 6.71, finishing at 6.67. USD/MXN peaks at 17.74 in January, falls to 17.09 in March, and ends April at 17.19.

U.S. Growth, Inflation, and Unemployment

Real GDP growth strengthens from 1.49% in September to 2.00% in October–December and 2.06% in January–February. CPI inflation declines each month, from 3.55% in September to 2.78% in December and 1.84% in April. Unemployment is 4.2% in September, dips to 4.1% in October, and fluctuates between 4.2% and 4.3% thereafter, ending April at 4.3%.

Gold, Silver, and Crude Oil

Gold rises from $4,359 per troy ounce in September to $4,560 in October, dips to $4,447 in November, then climbs to $5,007 in April. Silver climbs from $65.56 per troy ounce in September to $68.11 in December, and reaches $73.94 in April. Crude oil falls from $94.00 per barrel in September to $74.10 in January, rebounds to $81.80 in March, and eases to $77.20 in April.

Stock indexes, interest rates, exchange rates, and commodity prices are monthly averages. GDP growth and CPI inflation are year-over-year changes. The public GDP table ends in February 2027.