SOFR Rises to 3.64% on Sept 15; Fed Funds Rate Holds at 3.63%

The one-basis-point gap between SOFR and the effective fed funds rate is the tell: secured repo funding is pricing marginally above unsecured overnight money, a small but meaningful sign that collateral demand or balance-sheet constraints are firming at the margin. That spread, rather than the outright level, is what matters for anyone tracking how smoothly the front end of the curve is clearing. Whether SOFR stays above the funds rate in the sessions ahead, or reverts to its usual relationship, is the open question worth watching.