SOFR Holds at 3.87%, Fed Funds Rate Steady at 3.88%

The one-basis-point gap between SOFR and the effective federal funds rate is the detail that matters here, since the two benchmarks normally track each other closely and any persistent spread signals where repo collateral is clearing relative to unsecured overnight lending. For RWA and tokenized-treasury products that reference overnight rates for yield accrual, a stable print means no repricing pressure this cycle. Whether that spread stays compressed or widens is the open question worth tracking.