CSOP USD Money Market Fund Wrap-20240826

•Last week, BLS revisions showed nonfarm payrolls were revised lower by 818k (greater than the 360k downward revision JPMorgan had expected) for period April 2023 to March 2024, implying a ~68k downward revision monthly.

•Meanwhile, the FOMC minutes revealed increased confidence in inflation returning to 2% and concerns about potential labor market deterioration. The minutes also indicated that if data trends continue, a policy easing at the next meeting would likely be appropriate.

•However, initial claims increased by 4k to 232k, matching consensus, and continuing claims rose by 4k to 1.863mn, slightly below the consensus of 1.870mn, indicating a slow cooling of the labor market instead of a rapid slowdown amidst high rates.

Source: CSOP, Department of Labor, Bloomberg, as of 20240823. ^ 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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