TREE NEWS reports: The secured overnight financing rate (SOFR) came in at 3.62% for the September 11 trading day, unchanged from the prior day. The effective federal funds rate also held flat at 3.63% over the same period.
SOFR Holds at 3.62%, Fed Funds Rate Steady at 3.63%
AI take
SOFR and the effective fed funds rate holding flat, and staying within a single basis point of each other, signals that repo and unsecured overnight markets are clearing without strain. That spread is the quiet tell: when funding markets are calm, it stays compressed, and when collateral or balance-sheet pressure builds, it tends to widen. For anyone tracking the cost of leverage in crypto and tokenized RWA markets, the overnight rate is the base layer under most carry trades. Whether that spread stays this tight is the open question.
Generated by AI for reference only.
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