Despite JOLTS job opening figures surpassing expectations in August, the ADP private employment data indicated that US companies added the fewest jobs since the beginning of 2021 in September. Also, steady unemployment blunts impact of blowout payrolls.
It is expected that the upcoming release next week will show a decrease in headline CPI as average daily gasoline prices remain stable, removing the main factor contributing to inflationary pressures in August.
However, the Federal Reserve may need to raise interest rates or maintain them at higher levels for a longer duration than previously anticipated.
Consequently, futures traders are placing record bets on a rate hike during the Fed's November meeting ahead of the monthly US payrolls report.
We expect CSOP USD Money Market Fund to continue to deliver stable yield. As of 20231006, the fund has gross yield at 5.74%^ and net yield at 5.32%.
Source: CSOP, Bloomberg, as of 20231006. ^ 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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