USD Treasury Liquidity Fund
Federal Reserve: While Fed officials signalled support for a start to tapering, Fed Chair Jerome Powell’s speech at Jackson Hole indicated rate hikes were some time off yet.
Market Rates: Short-dated rates were steady, with the one-month Treasury bill yield ending August at 0.05%.
Macro: Core Personal Consumption Expenditures (PCE) – the Fed’s favoured inflation measure – rose 0.3% month-on-month in July, with the annual rate unchanged at 3.6%.
Fed Fund Target Rate: 0.00% - 0.25%
1-month Fund Yield (Gross): 0.05%
1-month Fund Yield (Net): 0.01%**