CSOP USD Money Market Fund Wrap – 20230904

- For the 1sttime since the Fed began raising interest rates nearly 18 months ago, the labor marketis exhibiting significant weaknesses, whichhas encouraged major global bond investors to speculate that the tightening cycle is ultimately drawing to a close.

- A series of declining employment indicators this week, culminating in Friday's August payrolls report, has caused market sentiment to favor the ownership of policy-sensitive two-year treasuries.

- However, Federal Reserve Bank of Cleveland President Loretta Mester stated that despite recent improvements, US inflation remains excessively high, and the labor market continues to exhibit strength.

Source: CSOP, Bloomberg, as of 20230903. ^ 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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