
🚨 🇺🇸 OVERNIGHT FUNDING FLASHES LIQUIDITY SIGNAL AS SOFR SITS BELOW FED FUNDS SOFR fixed at 3.58% on July 8, while effective fed funds held at 3.63%, leaving secured repo money about 5 bps cheaper than bank-to-bank cash. The important part is not panic. It shows strong demand for Treasury-backed funding and heavy cash moving through the safest plumbing in markets. When this pipe shifts, bond desks listen first. Short-term Treasuries and cash funds stay the cleanest trade. Lower repo pressure supports bills, while any sudden SOFR jump would hit risk assets fast.




