CSOP USD Money Market Fund Wrap – 20231024

- Recent economic indicators revealed that US retail sales surpassed expectations at +0.7% MoM and industrial production improved +0.3% MoM in September, while nonfarm payroll increases averaged 266k over the past 3 months.

- Despite the resilient economy, last Thursday, at the Economic Club of New York, Fed Chair Powell remarked that rates are at or near peak and expressed a definite intention of pausing rate hikes. Nevertheless, the Fed remains watchful. Quoting Powell’s words, “We will make decisions about the extent of additional policy firming and how long policy will remain restrictive based on the totality of the incoming data, the evolving outlook, and the balance of risks”. Markets responded with a decline on 2Y treasuries yields.

Source: CSOP, Bloomberg, Federal Reserve, BLS, Census as of 20231020. * Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in 5 decimals.

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