CSOP USD Money Market Fund Wrap – 20240429

- Last week, top-line GDP growth fell to an almost two-year low last quarter as government’s initial estimates of GDP increased only at 1.6% annualized rate, lower than economists’ forecasts.

- Meanwhile, the core PCE price index for 1Q rose more-than-anticipated at 3.7% (vs 2.0% prior).

- Initial jobless claims were surprisingly low at 207k for week ending Apr 20 (vs 212k prior), indicating near-term labor market resilience. Continuing claims decreased modestly to 1781k for week ending Apr 13, though it remains elevated with respect to 2019 average.

- Fed is most probably holding rates constant at the June FOMC meeting.Traders have delayed expectations of the first fed rate cut to December.

Source: CSOP, HSBC, Bloomberg, as of 20240426. ^ 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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