The Secured Overnight Financing Rate (SOFR) is a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities. This is used by banks to borrow for the very short term (i.e., overnight) and is set using the Treasury repurchasing (repo) market. It’s influential in setting the prices of loans and other dollar-denominated derivatives. The SOFR was 0.05 on September 17, 2021.
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