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SOFR, EFFR and the other New York Fed reference rates

On , the SOFR was 3.88%, 1 basis point higher than the business day before; the EFFR on was 3.88%.

SOFR

3.88%

+1 bp since the business day before

2 October 2026

TGCR

3.86%

+2 bp since the business day before

2 October 2026

BGCR

3.86%

+2 bp since the business day before

2 October 2026

EFFR

3.88%

0 bp since the business day before

2 October 2026

OBFR

3.88%

0 bp since the business day before

2 October 2026

Overnight reference rates, latest day

New York Fed reference rates, latest business day (%; volume in $ billion; change in basis points, ours)
RateDayRateChange1st percentile99th percentileVolume
SOFR3.88%+13.83%3.96%3,013
TGCR3.86%+23.80%3.90%1,174
BGCR3.86%+23.80%3.93%1,211
EFFR3.88%03.85%3.89%118
OBFR3.88%03.75%3.95%243

The table scrolls sideways; the first column stays in place.

The FOMC's target range for the federal funds rate on : 3.75% to 4.00%.

What each rate measures

SOFR
The Secured Overnight Financing Rate: the cost of borrowing cash overnight against Treasury securities in the repo market, across tri-party, general collateral and bilateral trades cleared through FICC.
TGCR
The Tri-Party General Collateral Rate: the cost of overnight repo borrowing against Treasury securities in the tri-party market.
BGCR
The Broad General Collateral Rate: the cost of overnight tri-party repo against Treasury securities, plus general collateral trades cleared through FICC.
EFFR
The Effective Federal Funds Rate: the rate banks pay each other to borrow reserves overnight in the federal funds market.
OBFR
The Overnight Bank Funding Rate: the cost of overnight unsecured bank borrowing, from federal funds and Eurodollar trades.
What this number cannot tell you
  • Each rate is for one business day and is published the next business day; a rate can be revised the same afternoon, and the page then shows the revised rate.
  • Percentiles describe the spread of the day's transactions, weighted by volume, as the New York Fed publishes them.

Source: Federal Reserve Bank of New York, Reference rates. Observed .

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. Changes in basis points are computed by 500metrics from the published rates.

The SOFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the SOFR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

The TGCR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the TGCR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

The BGCR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the BGCR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

The EFFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the EFFR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

The OBFR is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the OBFR by 500metrics, does not sanction or endorse any particular republication, and has no liability for your use.

The Secured Overnight Financing Rate (SOFR) Data and Broad General Collateral Rate (BGCR) Data are calculated using data provided under a license granted to the New York Fed by DTCC Solutions LLC ("Solutions"), an affiliate of The Depository Trust & Clearing Corporation. Solutions, its affiliates, and third parties from which they obtained data have no liability for the content of this material.

500metrics is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by 500metrics.

Sources and licence

Sources and licence

Our text and compilation: CC BY 4.0. How to reuse and cite this page.