SOFR Falls to 3.89% on Nov 6; Fed Funds Rate Holds at 3.88%

The headline number here is the spread, not the level: SOFR dipping below the effective fed funds rate is a modest but notable shift in the relationship between the two key overnight benchmarks. The timing, on a payrolls release day, makes it harder to separate genuine funding-market easing from the usual day-to-day noise around data. For anyone tracking repo and funding conditions, the question worth watching is whether this compression persists or reverses once the post-data churn settles.