TREE NEWS reports: The secured overnight financing rate (SOFR) climbed to 3.90% on Nov. 12 from 3.89% the prior day. The effective federal funds rate held steady at 3.88% for the same trading day. The two benchmarks remain closely aligned, with SOFR sitting 2 basis points above the fed funds rate.
SOFR Rises to 3.90% on Nov. 12; Fed Funds Rate Holds at 3.88%
AI take
The move is marginal, but the persistence of a small SOFR-over-fed-funds spread is the detail that matters for anyone tracking overnight funding conditions and collateral supply. A two-basis-point gap is not stress, yet it shows the secured and unsecured benchmarks are not moving in lockstep, which affects how repo-linked products and floating-rate instruments reference each rate. Whether that spread stays contained or widens as funding demand shifts is the open question worth watching.
Generated by AI for reference only.
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