• September FOMC meeting minutes revealed a split decision on rate cuts, with the majority favoring a 50 bp reduction. However, as last week's data came out more robust than anticipated, it is forecasted that the pace of rate cuts will be slower moving forward.
• Last Thursday saw the release of weak labor market data, with initial claims rising to 258k (consensus: 230k) amidst disruptions arising from Hurricane Helene and Michigan’s layoffs.
• Inflation print came out robust, with core CPI rising 0.3% (consensus: 0.2%) in September. Core goods prices rose more than expected, supported by higher vehicle and apparel prices, while core services prices were slightly softer, except a notable 0.7% increase in medical care services prices.
• Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20241011, the fund has gross yield of 5.19% and net yield at 4.86%. ^
Disclaimers
“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. This document is not to be construed as recommendations to buy/sell any above-mentioned securities, or any securities in the above-mentioned sectors or 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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