CSOP USD Money Market Fund Wrap – 20230807

- Last Tuesday (Aug 1),Fitch downgraded the US government rating one notch from AAA to AA+, aligning with S&P Global Ratings previous downgrade following the 2011 debt-ceiling standoff. This follows a mid-year Treasury statement that highlighted how quickly the US deficit had widened – something usually associated with a worsening economic outlook.

- It is anticipated that US nonfarm payrolls increase by around 200k jobs in July, primarily driven by job growth in higher-skilled services (e.g., health services, professional and business services). However, for the Fed’s considerations leading up to the Sep 19-20 FOMC meeting,wage growth will hold more significance.Wage data indicates a moderation in growth, and theaverage hourly earnings data for July is expected to further demonstrate that inflation's most persistent component is easing. As a result, it is projected that the Fed will maintain steady policy rates during the meeting.

* Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal.

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