SOFR Holds at 3.88% for Second Straight Session

The notable point is convergence, not the level: SOFR and the effective fed funds rate sitting at the same figure suggests overnight secured and unsecured funding are pricing in close agreement, which is the quieter, more stable end of the money-market spectrum. That matters most for anyone with floating-rate exposure or repo-linked products, where benchmark drift feeds directly into coupons and funding costs. With both flat for a second session, the open question is whether this alignment persists or whether the two benchmarks begin to diverge again.