Last week, the Beige Book released painted a picture that activity has been much softer than hard data have indicated, which may alleviate market’s concerns about a pause in rate cuts. For instance, Hurricane Helene destroyed crops and paused business activity and tourism, and most districts saw a fall in manufacturing activity.
As for data releases last week, US jobs report was the main focus, and data revealed more positive growth outlook, with initial jobless claims dropping to 227k from 242k the previous week, suggesting a normalization back to late September levels.
However, JPM estimates that hurricanes Helene and Milton, along with the Boeing machinist strike, could reduce next week's October employment report by 80k.
Nevertheless, we expect CSOPUMM to continue to deliver stable yield in the near term. As of 20241025, the fund has gross yield of 5.12% and net yield at 4.71%. ^
$CSOP US Dollar Money Market ETF Unlisted Share Class P(HK0000503836)$
CSOP USD Money Market Fund - 20241025
CSOP USD Money Market Fund - 20241025
Source: CSOP, Bloomberg, JP Morgan as of 20241025. ^ 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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