SOFR Rises to 3.95% on Eve of US Midterm Elections

A five-basis-point move in SOFR is routine plumbing, not a signal, and the election-eve timing is the only thing that makes it notable. The benchmark anchors pricing across dollar funding markets, so its drift matters mainly as a reminder that overnight repo conditions can tighten around event risk even when the move is small. Whether the post-election session shows any follow-through, or whether this proves a one-day blip, is the open question.