SOFR Holds at 3.85% for September 21 Session

The flat print matters less for the level than for the absence of drift: SOFR and the effective funds rate holding steady keeps the repo–fed funds spread stable, which is the variable that typically signals funding stress or collateral scarcity. For RWA and tokenized-treasury products that reference overnight rates, a quiet fixing means no repricing pressure on accrued yield. Whether the spread stays this tight into quarter-end, when balance-sheet constraints typically bite, is the open question.