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FOMC decided to not change rates: when will they come down?
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CSOP USD Money Market Fund Wrap – 20240325

- Last week, FOMC held rates constant at 5.25%-5.50%, and maintained outlook for 75bp of cuts in 2024.
- Fed Chair Powell's discussion suggested that it will be appropriate to slow the pace of quantitative tightening (QT) "fairly soon" implies that the Fed is ready to announce and implement a slower pace of QT in May, and supports the view that the Fed will initiate a gradual pace of easing in June.
- Initial jobless claims for week ended March 16 fell to 210k (vs 212k prior), which continues to suggest low rate of firing.
- We expect $CSOP USD Money Market Fund(SGXZ96797238.FD)$ to continue to deliver stable yield in the near term. As of 20240315, the fund has gross yield at 5.57%^ and net yield at 5.24%.
CSOP USD Money Market Fund Wrap – 20240325
CSOP USD Money Market Fund Wrap – 20240325
Source: CSOP, Bloomberg, as of 20240322. ^ 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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