CSOP USD Money Market Fund Wrap – 20231204

- According to the Fed’s Beige Book published last Wednesday, activity has decelerated, and outlook for the next 6-12 months has worsened. This suggests existing rates are sufficient in clamping down on inflation.

- Last Thursday, PCE Core Deflator softened, falling to 0.2% MoM (3.5% YoY), bolstering confidence that rates are restrictive enough. Additionally, personal expenditures have slowed to 0.2% in October (vs 0.7% prior), signaling a deceleration in consumption ahead. This may be attributed to higher rates, rising consumer debts, and tightening credit conditions.

- Last Thursday’s data releases also revealed higher initial jobless claims at 218k (vs 209k prior) and continuous jobless claims at 1927k (vs 1840k prior), suggesting a loosening labor market.

Source: CSOP, Bloomberg, as of 20231201. ^ 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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