SOFR Holds at 3.90% for Second Straight Day

Two consecutive flat prints in both SOFR and the effective fed funds rate suggest money-market conditions have settled into a narrow, stable band rather than signalling any shift in policy expectations. That stability matters most for short-term funding desks and for the floating-rate leg of tokenized treasury and lending products that reference these benchmarks, where predictability lowers rollover friction. The open question is whether this calm persists once month-end balance-sheet pressures pass, or whether the spread between the two rates starts to move again.