TREE NEWS reports: The secured overnight financing rate (SOFR) stood at 3.87% on Sept 23, unchanged from the prior day. The effective federal funds rate also held steady at 3.88% for the same trading day.
SOFR Holds at 3.87% for Sept 23, Fed Funds Rate at 3.88%
AI take
The one-basis-point gap between SOFR and the effective federal funds rate is the detail worth noting: it signals that repo and unsecured overnight markets are pricing roughly the same collateral and liquidity conditions, with no visible funding stress in either. For RWA and tokenized-treasury products that reference short-term rates, a flat overnight complex means yield accrual assumptions stay stable for now. Whether that spread stays compressed, or widens as quarter-end balance sheet pressures build, is the open question.
Generated by AI for reference only.
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