CSOP USD Money Market Fund Wrap – 20230417

- March's CPI data showed a 5.0% y/y (0.1% m/m) increase, which is lower than prior period and survey estimates,but still reflective of elevated prices. March's PPI data showed a surprising fall in price pressures of -0.5% m/m. But subcategories within core inflation experienced increases, indicating persistent inflation in labor-intensive services sectors.

- The market continued to expect a quarter-point Fed hike in May, followed by a pause over the summer. Fed speakers delivered mixed messages about the battle against inflation.

Source: CSOP, Bloomberg, Bureau of Labor Statistics as of 20230414. * Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in full decimal.

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