SOFR Eases to 3.92% from 3.94%; Fed Funds Rate Holds at 3.88%

The modest SOFR move keeps the secured-to-unsecured funding spread intact, a quiet signal that repo markets are functioning without the month-end or quarter-end pressure that has occasionally widened that gap. For anyone tracking the cost of leverage in crypto and RWA strategies, the overnight benchmark remains the reference point that feeds into financing terms, so a stable fed funds rate alongside a slightly softer SOFR is a marginal easing in collateralized borrowing conditions. Whether that spread narrows further as the session data rolls in is the open question worth watching.