The US deal which was reached over the weekend to avoid a government shutdown may provide some initial relief to the markets, attention will soon turn to Federal Reserve Chief Jerome Powell as he speaks in a discussion later on Monday.
US manufacturing activity and jobs data will also be closely watched this week, following remarks from the head of the New York Fed suggesting that policymakers should maintain higher interest rates for a period of time.
"Financial markets were preparing for a potential shutdown, so there is a sense of relief, but it is only a temporary easing of one of the current concerns in the market," said Yung-Yu Ma, Chief Investment Officer at BMO Wealth Management. "Interest rates and the hawkish stance of the Federal Reserve continue to be the focus and the primary driver of the markets in the coming weeks.
We expect CSOP USD Money Market Fund to continue to deliver stable yield. As of 20230929, the fund has gross yield at 5.75%^ and net yield at 5.37%.
Source: CSOP, Bloomberg, as of 20230929. ^ 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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