SOFR Holds at 3.88% on Nov 9 Ahead of CPI Release

SOFR and the effective fed funds rate sitting at the same level points to a quiet, well-anchored overnight funding market, with no sign of the year-end or balance-sheet stress that has occasionally pushed repo rates around. The real signal comes next: the CPI print lands the day after this reading, and whether the funding rate stays flat through it will show how much inflation data still moves short-rate expectations. For RWA and tokenized cash products benchmarked to SOFR, this stability is the relevant backdrop, but it is a single unchanged day, not a trend.