NY Fed: SOFR Falls to 3.64% on Sept 8

The single-basis-point dip in SOFR is a marginal move, but its timing matters: it lands as markets parse the Fed's steady effective funds rate for signals on the next policy step. For RWA protocols pricing floating-rate debt or treasuries-backed stablecoins, SOFR's path is a direct input into yield calculations, so even small shifts can ripple through collateral valuations. The open question is whether this marks the start of a downward drift toward the fed funds target's lower bound, or just noise before the next FOMC decision. Watch whether SOFR's spread to the funds rate widens or narrows in coming sessions.