CSOP USD Money Market Fund Wrap – 20231211

- Last week’s JOLTs job openings showed decline to 8733k from 9553k previously, while initial jobless claims rose to 220k for week ending Dec 2 from 219k the week before. Moving into the new year, Bloomberg analysts foresee firms to begin laying off workers rather than rely on attrition to manage headcount especially in customer-facing sectors. As such, unemployment is anticipated to rise next year and approach 5% by next year-end, which is historically recognized as a mild recession.

- FOMC is largely anticipated by the market to hold rates at for the third time at next week’s Dec 12-13 meeting, which Bloomberg analysts' postulate is more than a temporary pause but would signify that rate hikes have officially ended.

- Moreover, Bloomberg analysts forecast 3 primary messages to be delivered at next week’s Dec 12-13 meeting meeting

1）Rates are restrictive enough

2）Risks are balanced between activity and inflation

3）Statement will abandon “additional policy firming” when describing how much longer rates will be held for

Source: CSOP, Bloomberg, as of 20231208. ^ 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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