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Reference Rates

Fresh

Short-end benchmark rates like SOFR and their spreads — reflecting overnight funding costs and market tiering

Module/Funding
SOFR-EFFR+3.0 bps
OBFR-EFFR+0.0 bps
TGCR-SOFR-3.0 bps
BGCR-SOFR-3.0 bps
Funding Rate StressNormal
What To Watch
  • Whether SOFR-EFFR stays above 10-20 bps and is not just quarter-end, tax-date, or one-day technical pressure.
  • Whether TGCR/BGCR confirm broad secured-funding pressure; related repo rates add breadth, not fully independent evidence.
  • Whether spread pressure transmits into ON RRP/SRF, repo financing, or settlement fails.
What Can Mislead
  • SOFR level alone is not funding stress; confirm with SOFR-EFFR/SOFR-IORB and other repo/collateral indicators.
  • Quarter-end, tax-date, or one-day technical moves may not imply systemic funding stress.
Data Lineage

Sourced from NY Fed reference rates; used in the home snapshot and Funding verdict.

Sources: New York Fed Reference Rates

Chart
3.48%3.54%3.59%3.65%3.71%2026/052026/062026/062026/07
SOFREFFROBFRTGCRBGCR

Sources·New York Fed Reference Rates as of 2026-07-01

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