CSOP USD Money Market Fund Wrap – 20240311

- The Fed's Beige Book survey released last week showed that the US economy has grown at a modest pace since earlier in the year, while consumers demonstrated increased sensitivity to rising prices.

- Last week, headline services ISM dropped by 0.8 points to 52.6 (consensus: 53.0) in February, reversing a portion of January's significant increase.

- Continuing claims rose 8k to 1,906k, for the week ending Feb 24, which is above pre-pandemic average of 1699k, indicating unemployed persons need longer to find jobs, an indicator of slowing labor markets.

- At the back of business and consumer surveys indicating a rapidly cooling market, Friday’s figures expected to show only a moderate slowdown in labor markets, where nonfarm payrolls are anticipated to slowdown to 200k in February, as compared to 353k in January.

- Meanwhile, the front end is pricing in elevated policy uncertainty. Furthermore, there is a higher level of uncertainty surrounding next week's release of the February CPI data.

Source: CSOP, Bloomberg, as of 20240308. ^ 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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