CSOP USD Money Market Fund Wrap – 20230220

- Last Tuesday and Thursday’s US CPI and PPI data showed more than expected rises at 0.5% YoY and 0.7% YoY respectively.

- Weekly jobless claims fell to 194,000, below the expected of 200,000.

- All these suggest that inflation seems to be stickier than anticipated and we are likely to see a hawkish Fed reverting to larger rate hikes at the upcoming March meeting to lower inflation. As a result, investors expect to see the Fed funds rate climbing past 5.2% in July, which is above peak rate of 4.9% two weeks ago.

Source: CSOP, Bloomberg, BLS, Morgan Stanley as of 20230217. * Gross yield is based on annualized yield of underlying holdings. 7-day net yield is calculated based on calendar days and NAVs in full decimal.

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