Core Insights - The U.S. financial system is experiencing a significant liquidity contraction, influenced by Treasury auction settlements and corporate quarterly tax payments [1] - The secured overnight financing rate (SOFR) has risen to 4.51% as of September 15, marking a notable increase from 4.42% the previous trading day, and the largest single-day rise since December 31 [1] - The spread between SOFR and the effective federal funds rate has widened to 18 basis points, the highest level since December 26, as market expectations suggest a potential 25 basis point cut by policymakers [1] Group 1 - The increase in SOFR is attributed to a combination of the U.S. Treasury rebuilding cash reserves and the Federal Reserve's ongoing balance sheet reduction [1] - The usage of a Federal Reserve overnight lending tool, often seen as an indicator of excess liquidity in the financing market, has dropped to a four-year low [1]
美国有担保隔夜融资利率大幅飙升破位 凸显市场流动性紧张
Sou Hu Cai Jing·2025-09-16 13:28