TREE NEWS reports: The secured overnight financing rate (SOFR) printed at 3.62% on Sept. 10, down from 3.64% the prior day. The effective federal funds rate for the same day held at 3.63%, unchanged from the previous session. The reading came on the eve of the release of US CPI data.
SOFR Falls to 3.62% on Sept. 10 as Fed Funds Rate Holds at 3.63%
AI take
The spread between SOFR and the effective fed funds rate has narrowed to a single basis point, which matters because it signals that repo-market pressure is easing and that the two funding benchmarks are converging rather than diverging. That calm is the backdrop for the CPI release, which is the nearer-term driver for rate expectations. Whether the spread stays this tight after the inflation print is the open question.
Generated by AI for reference only.
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