SOFR与美联储隔夜逆回购协议 (RRP) 利率之间的利差创半年来最窄

Core Insights - The secured overnight financing rate (SOFR) reached 4.26% on May 21, marking the lowest level since December 2022, down from 4.27% the previous day [1] - The narrowing spread between SOFR and the Federal Reserve's overnight reverse repurchase agreement (RRP) rate to just 1 basis point indicates ample front-end funding due to U.S. Treasury payments and government-supported corporate cash inflows [1] - The repo market is experiencing a notable softening, particularly at this time of the month, as highlighted by Oxford Economics analyst John Canavan [1] Summary by Category SOFR and RRP Rates - SOFR reported at 4.26%, down from 4.27% [1] - The spread between SOFR and RRP rate narrowed to 1 basis point, the tightest since November 20, 2024 [1] Repo Market Dynamics - Overnight GC repo rates initially reported at 4.30%, 4.29%, and 4.28%, with bid-ask spreads of 4.28%-4.27% [1] - The effective federal funds rate remained unchanged at 4.33% [1]