SOFR Holds at 3.94% for October 29; Fed Funds Rate Steady at 3.88%

The more telling detail here is the spread rather than the levels: SOFR sitting above the effective fed funds rate points to a modest premium in repo funding relative to unsecured overnight lending, a relationship worth tracking as a gauge of balance-sheet and collateral pressure. Because both prints are flat, this single observation carries little signal on its own. Whether the gap persists across subsequent fixings is the open question, and it matters most for anyone pricing floating-rate exposure tied to either benchmark.