CSOP USD Money Market Fund Wrap-20240715

•Last week, during Fed Chair Powell’s dovish remarks to the Senate Banking Committee. Powell noted the labor market's return to balance, contrasting with his previous comments. While he didn't provide a timeline for rate cuts, he highlighted signs of a slowing job market following data showing rising unemployment for three consecutive months.

•Furthermore, June’s CPI report came in mild with core CPI rising by just 0.06% monthly (consensus: 0.2%), with rent components showing the slowest growth since 2021. Given recent inflation data and labor market trends, JPMorgan now predicts a Fed rate cut in September (vs. November previously), followed by quarterly cuts until the Fed funds rate reaches neutral. Money markets fully pricing a 25bp cut in September, 60bp in 2024, and 170bp by the end of 2025.

Source: CSOP, Department of Labor, Bloomberg, as of 20240712. ^ 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 illustration purpose only. Not to be construed as recommendation to buy/sell securities in the above-mentioned industries.

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