CSOP USD Money Market Fund Wrap – 20240415

- Last week, a third consecutive higher-than-anticipated core CPI report in March, where both headline and core CPI stayed at 0.4% MoM. As March typically is a month seasonally known for disinflation, this is an indication that core disinflation momentum is stalling

- Initial jobless claims for week ending Apr 6 fell to 211k (vs 222k prior), below consensus estimates of 215k. As Easter holiday corresponds with spring-break in schools, it makes it harder to make seasonal adjustments to data. Ignoring that, job-cut announcements rose in March, indicating more workers are losing their jobs.

- With all of the above, first rate cut expectations are pushed back to July from previous June baseline, and market is pricing in under 50bps of rate cuts this year.

Source: CSOP, Bloomberg, as of 20240412. ^ 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.For illustrations only, not to be construed as recommendation to buy/sell securities in the above-mentioned sectors.

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