SOFR stands for secured overnight financing rate. It is the average rate at which a bank can borrow dollars overnight while posting US Treasury bonds as collateral.
The latest rate is at http://www.sofrrate.com/ and historical rates are at https://apps.newyorkfed.org/markets/autorates/sofr or
https://apps.newyorkfed.org/markets/AutoRates/Rates-Search-Results-Page
It seems in general to be slightly higher than the 1 month rate for treasury notes, but it can also soar much higher (it was 2.76 on 4/30/19 and 3.15 on 1/2/19) or dip lower (2.37 on 2/27). Maybe it could be an early warning system for financial distress. It was 2.38% on May 13, 2019.
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