CSOP USD Money Market Fund Wrap – 20231030

- US real GDP growth for 3Q was at 4.9% QoQ, above prior period and consensus estimates, due to robust consumption as personal consumption grew 4.0% QoQ.

- Initial jobless claims for week ending 21 Oct rose to 210k, despite a rise in payrolls by 336k jobs in September. This is because some workers took on several jobs. This highlights the cracks in the labor market.

- Nobel Laureate Paul Romer insisted that the Fed should begin lowering rates and that the Fed would be “crazy” to hike more.

- As such, markets are only pricing in 1/3 probability of another Fed hike in the current rate hike cycle.

Source: CSOP, Bloomberg, as of 20231027. ^ 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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