SOFR Holds at 3.63%, Fed Funds Rate at 3.62%

A one-basis-point cross is noise, not signal. What matters is that SOFR and the effective fed funds rate remain effectively pinned within a basis point of each other, which is the normal state when repo collateral is abundant and the Fed's floor tools are holding. The item offers no context on repo volumes, reserve levels, or quarter-end pressures, so the open question is whether this spread stays this tight as balance-sheet and issuance dynamics shift. On its own, the print says little beyond confirming that overnight dollar funding is currently unremarkable.