That is the TFR only goes up if women really are having more children on average, not if there are simply more children being born overall, and life expectancy goes up only if there are declines in age-specific mortality.
When the cohort born roughly in the years between 1993 and 2005 enters prime child-bearing years, there is going to be a pretty significant decline in the crude birth rate even if the total fertility rate (TFR) continues to move modestly higher.