NY Fed: SOFR steady at 3.65% on Sept 2

The marginal dip in SOFR alongside a flat EFFR signals continued stability in short-term funding markets, which matters for leveraged positions and repo-based strategies that track these benchmarks closely. For RWA protocols referencing SOFR as a yield anchor, the steadiness reduces near-term basis risk, but the narrow spread between the two rates still leaves little room for dislocations. The open question is whether this calm persists into month-end or quarter-end windows, when funding pressures typically test the corridor's resilience.