The White House is predicting interest rates will start jumping significantly in two years and then taper off at the beginning of the next decade.

In the president’s fiscal 2015 budget proposal unveiled today, the administration is forecasting the benchmark short-term rate of 90-day Treasury notes will rise to 1.2 percent in 2016 from today’s one-tenth of one percent and climb to 3.6 percent for 2019. The White House says it expects these rates to hold steady at 3.7 percent from 2020 to 2024.

Regarding 10-year Treasuries, the White House views a 2016 figure of 4 percent, up from the current 3 percent. Administration experts long-term Treasury rates to climb to 4.9 percent by 2020 and then level off at 5.0 percent to 5.1 percent the following four years.