To The Moon

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.60%* US Treasury yields have moved higher amid renewed Middle East tensions. While softer June CPI and PPI readings provided some relief, HSBC remains cautious on front-end rates as higher oil prices and geopolitical risks continue to pose upside inflation risks. Looking ahead to the week, there is little data and Fedspeak as the FOMC’s pre-meeting blackout window begins. Several policymakers have noted signs of inflation being well above target, which could lead to policy action. * 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑1.85% As of 17 Jul 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 0.40% WTD in SGD, bringing its YTD re

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.62%* The recent re-escalation of geopolitical tensions has led to rising yields, predominantly led by the front-end. Looking ahead, investors will focus on upcoming US CPI data and Fed Chair Warsh’s Congress testimony for further clues on the interest rate outlook. While lower oil prices compared with March-May levels is expected to lead to a negative June headline CPI print, HSBC believes front-end rates should remain supported as policymakers continue to focus on inflation risks and avoid providing clear forward guidance, keeping upcoming FOMC meetings "live" for potential policy action. *Bloomberg, as of 2026/07/10. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑2.24% As of 10

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.56%* During the week, softer payroll data reduced expectations of an imminent Fed hike. Looking ahead, markets will focus on the release of the FOMC minutes for further insight into the Fed's assessment of inflation and growth risks. HSBC continues to see a hawkish bias at the front end as policymakers remain focused on inflation risks and keep all upcoming meetings "live" for potential policy action. *Bloomberg, as of 2026/07/02. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑3.02% As of 03 Jul 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.27% WTD in SGD, bringing YTD return to ‑3.02%. WTD losses were led by industrial, reta

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.58%* During the week, softer PCE data eased expectations of Fed rate hikes in the near term. However, generally, front-end rates have  broadly decoupled from earlier oil-driven moves, with front-end pricing turning more hawkish toward end‑2026 despite the signing of a memorandum of understanding (MoU) and the gradual resumption of traffic through the Strait of Hormuz. Looking ahead, macro data in coming week is expected to be largely positive. Solid labour market conditions year-to-date has reinforced the Fed’s focus on inflation risks, anchoring a hawkish front-end bias. Meanwhile, the long-end has been supported by improved policy credibility following Warsh’s explicit commitment to price stability. * 7-day net yield is calculated base

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.61%* During the week, markets processed signals from the June FOMC and Chair Warsh’s debut. HSBC highlights four near-term impacts: a hawkish inflation stance may push front-end yields higher, Warsh’s focus on inflation responsibility supports curve flattening, reduced forward guidance increases front-end volatility, and while balance sheet policy is steady, further QT remains possible. Looking ahead to the week, ongoing Fedspeak and geopolitical developments remain in focus. * Data as of 2026/06/18. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑3.80% As of 19 Jun 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 0.54% WTD in SGD,

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.57%* Looking ahead to the week, markets widely expect the Fed to hold rates at the 17 June FOMC meeting, the first under new Fed Chair Warsh, with focus on Warsh’s first policy signals and a potential removal of the “easing bias” from the policy statement. Attention will also be on the dot plot for updated rate trajectory guidance. HSBC views that any hawkish read from Warsh’s press conference, such as an explicit focus on keeping inflation in check, could send front-end rates higher and flatten the curve, whereas a wait-and-see view could be read as dovish. HSBC thinks the latter is unlikely given the continued labour market resilience and upward inflationary pressure. * Data as of 2026/06/12. 7-day net yield is calculated based on calendar

“I always want to have cash, and I never want to buy anything just because people think the market is going up," Warren Buffett said in a recent CNBC interview. As US equities continue to trade near elevated levels, Warren Buffett's Berkshire Hathaway has drawn market attention for maintaining a historically high cash position, with cash and US Treasury holdings reaching US$370 billion in its most recent annual report. This reflects a disciplined approach to investing: keeping enough cash on hand while patiently waiting for better opportunities. For investors, this also highlights the importance of keeping part of their portfolio in readily available cash or cash-equivalent products. Instead of leaving idle cash uninvested, investors may consider allocating short-term liquidity to stable m

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.62%* Stronger‑than‑expected labor data drove markets during the week, with May nonfarm payrolls rising 172k (vs. 88k consensus), unemployment stable at 4.3%, and falling continuing claims, indicating a healthier labor market. Combining that with resilient growth, the market lifted rate hike bets, pushing US Treasury yields higher, which should support stable-to-firm yields for CSOPUMM. * Data as of 2026/06/05. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑4.32% As of 5 Jun 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ declined 1.34% WTD in SGD, bringing YTD return to ‑4.32%. WTD declines were led by industrial, office and retail by sub

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.53%* Looking to the week ahead, focus shifts back to labour data. Unemployment has stayed low and payrolls stayed broadly firm this year, supporting a more hawkish market stance amid rising inflation pressures. With policymakers adopting a hawkish tone in recent times, markets increasingly expect the possibility of renewed Fed rate hikes. We broadly expect CSOPUMM to continue delivering stable yields in the near term. * Data as of 2026/05/29. 7-day net yield is calculated based on calendar days and NAVs in 5-decimal. 【REITs】 S$ SRT YTD total return: ‑3.02% As of 29 May 2026 (Fri), $CSOP iEdge SREIT ETF S$(SRT.SI)$ gained 0.67% WTD in SGD, bringing YTD return to ‑3.02%. WTD gains were led by industr

【Money Market Fund】 US$ MMF Net 7-day Yield: +3.56%* During the week, U.S. Treasury market fluctuated alongside Middle East conflict headlines. Notably, UST 30Y yields briefly reached 5.0% (highest since July) as the conflict re-escalated and drove oil prices higher. On the data front, labor market remains resilient with continuing claims declining to 1.766mn (consensus: 1.800mn), the lowest since early-2024. Additionally, Friday's data release showed U.S. job growth remained strong, with April payrolls rising 115k, marking the fastest two-month gain since 2024. Meanwhile, as expected, Treasury kept auction sizes unchanged, but it did not remove “at least” from the long-standing guidance that it “anticipates maintaining nominal coupon and FRN auction sizes for at least the next several qua