US real GDP growth for 3Q was at 4.9% QoQ, above prior period and consensus estimates, due to robust consumption as personal consumption grew 4.0% QoQ.
Initial jobless claims for week ending 21 Oct rose to 210k, despite a rise in payrolls by 336k jobs in September. This is because some workers took on several jobs. This highlights the cracks in the labor market.
Nobel Laureate Paul Romer insisted that the Fed should begin lowering rates and that the Fed would be “crazy” to hike more.
As such, markets are only pricing in 1/3 probability of another Fed hike in the current rate hike cycle.
We expect CSOPUMM to continue to deliver stable yield. As of 20231027, the fund has gross yield at 5.73%^ and net yield at 5.30%.
Source: CSOP, Bloomberg, as of 20231027. ^ 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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“The investment product(s), as mentioned in this document, is/are registered under section 286 of the Securities and Futures Act (Cap. 289) of Singapore (the “SFA”).This material and the information contained in this material shall not be regarded as an offer or solicitation of business in any jurisdiction to any person to whom it is unlawful to offer or solicit business in such jurisdictions.
CSOP Asset Management Pte. Ltd. (“CSOP”) which prepared this document believes that information in this document is based upon sources that are believed to be accurate, complete, and reliable. However, CSOP does not warrant the accuracy and completeness of the information, and shall not be liable to the recipient or controlling shareholders of the recipient resulting from its use. CSOP is under no obligation to keep the information up-to-date. The provision of this document shall not be deemed as constituting any offer, acceptance, or promise of any further contract or amendment to any contract. The information herein shall not be disclosed, used or disseminated, in whole or part, and shall not be reproduced, copied or made available to others without the written consent of CSOP.
Advice should be sought from a financial adviser regarding the suitability of the investment and/or investment product before making an investment. Investment involves risk. The value of investments, and the income from them, can go down as well as up and an investor may get back less than the amount invested. Past performance is not necessarily indicative of future performance. Investor should read the prospectus and product highlights sheet, which can be obtained on CSOP website or authorized participating dealers, before deciding whether to invest. This document has not been reviewed by the Monetary Authority of Singapore.”
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