SOFR Holds at 3.87% for Second Straight Day

Two consecutive days of unchanged SOFR, with the effective fed funds rate sitting just a basis point above it, points to an overnight funding market that is simply marking time rather than repricing. For anyone tracking the cost of collateral in repo and short-term rate products tied to these benchmarks, the absence of movement is itself the signal: no quarter-end or balance-sheet pressure is showing up in the prints. Whether that calm persists into the next reporting dates is the open question.