SOFR Holds at 3.88% on US CPI Release Day

The near-identical SOFR and effective fed funds prints on a CPI release day suggest funding markets absorbed the inflation data without visible strain, with the marginal softening in SOFR offering little signal on its own. For RWA and tokenized-treasury products that reference overnight rates, the practical takeaway is continuity rather than a shift in the rate backdrop. Whether the spread between the two benchmarks stays this compressed in the sessions ahead is the open question worth tracking.