SOFR
Definition · Level 7 · Futures, rates & macro
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Secured Overnight Financing Rate: published daily by the New York Fed from actual overnight Treasury repo trades; replaced USD LIBOR as the benchmark for loans and derivatives.
Example
Loan priced at SOFR + 175 bp.
Where Tradecraft teaches it
Level 7 · Futures, rates & macro, in the lesson “The Fed, policy rates & the curve”: Fed funds, FOMC, dots, hawks and doves, QE/QT, repo and SOFR, real yields, and reading the yield curve.
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