SOFR Holds at 3.88% on Oct 2 Nonfarm Payrolls Day, Fed Funds Steady

The quiet detail here is the gap: SOFR and the effective funds rate are sitting at the same level, so the repo market is not signaling any funding stress even through a payrolls session, when balance-sheet and settlement flows often push overnight rates around. For anyone tracking the front end of the curve or collateral costs, that alignment is the useful read — the two benchmarks are telling the same story rather than diverging. Whether that parity persists after the payrolls data works through dealer balance sheets is the open question.