---
ticker: "USSOFR"
title: "U.S. Secured Overnight Financing Rate"
unit: "%"
frequency: "Daily"
source: "Duffie (1996); Furfine (1999)"
release: "Updated Daily"
category: "Interest Rates"
country: "US"
language: "en"
canonical: "https://kred.dev/en/series/USSOFR"
license: "https://creativecommons.org/licenses/by-nc-nd/4.0/"
latest_value: 3.64
latest_date: "2026-09-08"
first_date: "2018-04-03"
observations_total: 2106
observations_shown: 120
---

# U.S. Secured Overnight Financing Rate

## Overview

The US secured benchmark rate formed in Treasury-collateralized overnight repurchase transactions.

## Key Figures

|  | Value | Date |
|---|---|---|
| Latest | 3.64 | 2026-09-08 |
| Change from previous | -0.01 | 2026-09-04 |
| Change over one year | -0.76 | 2025-09-08 |
| Highest on record | 5.40 | 2023-12-28 |
| Lowest on record | 0.01 | 2020-03-24 |
| Period covered | 2018-04-03 – 2026-09-08 |  |
| Observations | 2106 |  |

## Recent observations

| Date | Value | Change |
|---|---|---|
| 2026-03-18 | 3.62 | -0.03 |
| 2026-03-19 | 3.62 | 0.00 |
| 2026-03-20 | 3.62 | 0.00 |
| 2026-03-23 | 3.62 | 0.00 |
| 2026-03-24 | 3.63 | +0.01 |
| 2026-03-25 | 3.64 | +0.01 |
| 2026-03-26 | 3.65 | +0.01 |
| 2026-03-27 | 3.63 | -0.02 |
| 2026-03-30 | 3.63 | 0.00 |
| 2026-03-31 | 3.68 | +0.05 |
| 2026-04-01 | 3.65 | -0.03 |
| 2026-04-02 | 3.66 | +0.01 |
| 2026-04-06 | 3.65 | -0.01 |
| 2026-04-07 | 3.62 | -0.03 |
| 2026-04-08 | 3.59 | -0.03 |
| 2026-04-09 | 3.57 | -0.02 |
| 2026-04-10 | 3.61 | +0.04 |
| 2026-04-13 | 3.63 | +0.02 |
| 2026-04-14 | 3.66 | +0.03 |
| 2026-04-15 | 3.72 | +0.06 |
| 2026-04-16 | 3.67 | -0.05 |
| 2026-04-17 | 3.65 | -0.02 |
| 2026-04-20 | 3.63 | -0.02 |
| 2026-04-21 | 3.63 | 0.00 |
| 2026-04-22 | 3.64 | +0.01 |
| 2026-04-23 | 3.65 | +0.01 |
| 2026-04-24 | 3.66 | +0.01 |
| 2026-04-27 | 3.66 | 0.00 |
| 2026-04-28 | 3.64 | -0.02 |
| 2026-04-29 | 3.63 | -0.01 |
| 2026-04-30 | 3.66 | +0.03 |
| 2026-05-01 | 3.64 | -0.02 |
| 2026-05-04 | 3.63 | -0.01 |
| 2026-05-05 | 3.62 | -0.01 |
| 2026-05-06 | 3.61 | -0.01 |
| 2026-05-07 | 3.60 | -0.01 |
| 2026-05-08 | 3.60 | 0.00 |
| 2026-05-11 | 3.60 | 0.00 |
| 2026-05-12 | 3.60 | 0.00 |
| 2026-05-13 | 3.59 | -0.01 |
| 2026-05-14 | 3.56 | -0.03 |
| 2026-05-15 | 3.55 | -0.01 |
| 2026-05-18 | 3.53 | -0.02 |
| 2026-05-19 | 3.51 | -0.02 |
| 2026-05-20 | 3.50 | -0.01 |
| 2026-05-21 | 3.51 | +0.01 |
| 2026-05-22 | 3.55 | +0.04 |
| 2026-05-26 | 3.63 | +0.08 |
| 2026-05-27 | 3.63 | 0.00 |
| 2026-05-28 | 3.62 | -0.01 |
| 2026-05-29 | 3.63 | +0.01 |
| 2026-06-01 | 3.65 | +0.02 |
| 2026-06-02 | 3.63 | -0.02 |
| 2026-06-03 | 3.61 | -0.02 |
| 2026-06-04 | 3.62 | +0.01 |
| 2026-06-05 | 3.63 | +0.01 |
| 2026-06-08 | 3.63 | 0.00 |
| 2026-06-09 | 3.60 | -0.03 |
| 2026-06-10 | 3.59 | -0.01 |
| 2026-06-11 | 3.60 | +0.01 |
| 2026-06-12 | 3.65 | +0.05 |
| 2026-06-15 | 3.69 | +0.04 |
| 2026-06-16 | 3.63 | -0.06 |
| 2026-06-17 | 3.63 | 0.00 |
| 2026-06-18 | 3.62 | -0.01 |
| 2026-06-22 | 3.61 | -0.01 |
| 2026-06-23 | 3.62 | +0.01 |
| 2026-06-24 | 3.62 | 0.00 |
| 2026-06-25 | 3.64 | +0.02 |
| 2026-06-26 | 3.62 | -0.02 |
| 2026-06-29 | 3.62 | 0.00 |
| 2026-06-30 | 3.68 | +0.06 |
| 2026-07-01 | 3.66 | -0.02 |
| 2026-07-02 | 3.64 | -0.02 |
| 2026-07-06 | 3.63 | -0.01 |
| 2026-07-07 | 3.62 | -0.01 |
| 2026-07-08 | 3.58 | -0.04 |
| 2026-07-09 | 3.53 | -0.05 |
| 2026-07-10 | 3.55 | +0.02 |
| 2026-07-13 | 3.60 | +0.05 |
| 2026-07-14 | 3.63 | +0.03 |
| 2026-07-15 | 3.64 | +0.01 |
| 2026-07-16 | 3.62 | -0.02 |
| 2026-07-17 | 3.59 | -0.03 |
| 2026-07-20 | 3.57 | -0.02 |
| 2026-07-21 | 3.61 | +0.04 |
| 2026-07-22 | 3.62 | +0.01 |
| 2026-07-23 | 3.64 | +0.02 |
| 2026-07-24 | 3.64 | 0.00 |
| 2026-07-27 | 3.64 | 0.00 |
| 2026-07-28 | 3.65 | +0.01 |
| 2026-07-29 | 3.65 | 0.00 |
| 2026-07-30 | 3.65 | 0.00 |
| 2026-07-31 | 3.66 | +0.01 |
| 2026-08-03 | 3.65 | -0.01 |
| 2026-08-04 | 3.66 | +0.01 |
| 2026-08-05 | 3.64 | -0.02 |
| 2026-08-06 | 3.65 | +0.01 |
| 2026-08-07 | 3.62 | -0.03 |
| 2026-08-10 | 3.63 | +0.01 |
| 2026-08-11 | 3.64 | +0.01 |
| 2026-08-12 | 3.62 | -0.02 |
| 2026-08-13 | 3.62 | 0.00 |
| 2026-08-14 | 3.62 | 0.00 |
| 2026-08-17 | 3.66 | +0.04 |
| 2026-08-18 | 3.65 | -0.01 |
| 2026-08-19 | 3.62 | -0.03 |
| 2026-08-20 | 3.63 | +0.01 |
| 2026-08-21 | 3.65 | +0.02 |
| 2026-08-24 | 3.65 | 0.00 |
| 2026-08-25 | 3.66 | +0.01 |
| 2026-08-26 | 3.64 | -0.02 |
| 2026-08-27 | 3.64 | 0.00 |
| 2026-08-28 | 3.65 | +0.01 |
| 2026-08-31 | 3.68 | +0.03 |
| 2026-09-01 | 3.66 | -0.02 |
| 2026-09-02 | 3.65 | -0.01 |
| 2026-09-03 | 3.66 | +0.01 |
| 2026-09-04 | 3.65 | -0.01 |
| 2026-09-08 | 3.64 | -0.01 |

## Definition

USSOFR is the published secured overnight financing rate recorded as-is without any transformation, a single daily number in percent per annum that aggregates the rates struck in Treasury-collateralized overnight repurchase transactions, weighted by transaction volume.

The quantity it measures is a secured financing rate, following the conceptual definition of a repo rate that falls below general riskless rates when collateral trades special (Duffie 1996). An unsecured interbank rate sits at the same overnight maturity point, and because that unsecured rate is determined by the daily clearing of the reserve market and measured at the level of individual transactions, it is conceptually distinct from the secured rate (Hamilton 1996; Furfine 1999).

Through the term-structure lens this rate is the shortest maturity point, the origin from which longer yields decompose into expected future short rates plus a premium (Hicks 1939). It is quoted under the yield-to-maturity convention that ties a rate to the timing of cash flows, a timing that collapses to one day at the overnight horizon (Macaulay 1938). From this anchor the discount function and the zero-coupon curve are recovered from coupon-bond prices and expressed through parsimonious parametric forms and operational daily curve building (McCulloch 1971; Nelson and Siegel 1987; Gürkaynak, Sack, and Wright 2007).

The rate is a market rate formed in executed transactions rather than an administered level chosen and announced by a committee, and its level is steered within a standing-facility corridor under an operating-target regime (Bindseil 2004; Borio 1997; Bartolini, Bertola, and Prati 2002).

## Methodology

KRED applies no transformation to USSOFR and stores the rate exactly as recorded, neither rescaling, deflating, smoothing, nor annualizing it. The methodology is therefore solely the measurement basis by which such a secured overnight rate comes to exist.

The number is a volume-weighted aggregation of the rates on overnight repurchase transactions against Treasury collateral, which is the measurement of secured financing whose rate falls below the general-collateral level when collateral is scarce (Duffie 1996). The aggregation follows the transaction-level identification and volume-weighting logic developed for overnight interbank rates (Furfine 1999; Hamilton 1996), and each constituent rate is quoted under the simple money-market yield convention that maps a price into an annualized return (Macaulay 1938).

Because the overnight rate is the reference of an operating target, its recorded path reflects the daily liquidity-management operations conducted within a corridor (Bindseil 2004; Borio 1997; Bartolini, Bertola, and Prati 2002).

The same recorded overnight rate serves as the short-end input to discount-function and zero-coupon term-structure estimators that recover yields and forward rates from coupon-bond prices. Those estimators are implemented as cubic or exponential splines, as parsimonious or extended parametric forms, and as the now-standard daily curve construction, they have been compared against one another, and the resulting zero-coupon term structure leads on to duration measurement (McCulloch 1971, 1975; Vasicek and Fong 1982; Nelson and Siegel 1987; Svensson 1994; Gürkaynak, Sack, and Wright 2007; Bliss 1997; Fisher and Weil 1971). None of that construction is applied to USSOFR itself, which remains at the recorded level.

## Applications in Economics

The secured overnight rate is the shortest-maturity rate that monetary policy implementation takes as its reference, the object that liquidity operations pin near the policy setting inside a standing-facility corridor (Bindseil 2004; Borio 1997; Bartolini, Bertola, and Prati 2002). Its daily determination reflects the supply of and demand for reserves in the overnight market, and its microstructure is read from transaction-level activity (Hamilton 1996; Furfine 1999).

A secured rate departing from the general-collateral level signals collateral scarcity and repo specialness (Duffie 1996). By the same logic the gap between this rate and the administered rate paid on reserve balances summarizes whether reserves are ample or scarce, and the reserve-conditions spread that KRED publishes is exactly that difference.

Being the shortest maturity, the rate is the reference point of the expectations-and-premium decomposition that links it to longer yields (Hicks 1939) and forms the short-end limit of the measured yield curve (Macaulay 1938; McCulloch 1971; Nelson and Siegel 1987; Svensson 1994; Gürkaynak, Sack, and Wright 2007).

## Applications in Financial Markets

In valuation the rate is the secured overnight discounting and floating-rate reference, so it underlies the discount factors applied to fixed-income cash flows and the floating leg of overnight index swaps. The repo rate it measures is the actual cost of financing a bond position against collateral, and that rate falls where collateral is scarce (Duffie 1996). The same overnight rate determines the carry on levered positions whose rate exposure is summarized by duration (Macaulay 1938; Fisher and Weil 1971).

Discounting and immunization both require the complete zero-coupon term structure built outward from this overnight anchor, a term structure expressed through splines, parametric forms, and forward-rate curves whose construction methods have been compared (McCulloch 1971, 1975; Vasicek and Fong 1982; Nelson and Siegel 1987; Svensson 1994; Gürkaynak, Sack, and Wright 2007; Bliss 1997).

Hedging and relative-value desks read its level against the policy corridor that pins it (Bindseil 2004; Bartolini, Bertola, and Prati 2002) and read its microstructure against the parallel unsecured overnight rate (Hamilton 1996; Furfine 1999).

## Statistical Tests

On the 2,044 daily observations spanning 2018-04-03 to 2026-06-09, fit with a constant and trend, the unit-root battery agrees that the secured overnight financing rate is integrated of order one. The augmented Dickey-Fuller test of Dickey and Fuller (1979), in the ARMA-consistent lag-augmented form of Said and Dickey (1984) and with lag length set as in Ng and Perron (2001), does not reject a unit root with p = 0.9617, the nonparametric Phillips and Perron (1988) test concurs with p = 0.945, and the Kwiatkowski et al. (1992) stationarity test rejects its trend-stationary null at p < 0.01, so the verdict is an unambiguous I(1). The GLS-detrended power escalation of Elliott, Rothenberg, and Stock (1996) is reserved for ambiguous outcomes under the house protocol and is not required on this clean reading.

Because the level is integrated, the mean-shift and serial-correlation diagnostics are run on the first difference, the stationary object those procedures require, since a break search or a portmanteau on an integrated level would spuriously segment and read near-unit autocorrelations (Bai and Perron 1998; Perron 1989). The multiple-break procedure of Bai and Perron (1998), computed by the dynamic-programming algorithm of Bai and Perron (2003), finds no break in the mean of the differenced rate, consistent with the parameter-instability inference of Andrews (1993). The Ljung and Box (1978) portmanteau statistic, refining the original Box and Pierce (1970) form, is computed on the first difference and rejects the white-noise null at lags 10 and 20, with Q = 189.40 and Q = 193.83 and p = 0.000 and p = 0.000, while the automatic portmanteau test of Escanciano and Lobato (2009) does not detect further dependence with a statistic of 0.56 at p = 0.456.

The series is daily and has no low-integer seasonal period, so the seasonal-unit-root machinery of Hylleberg et al. (1990) and the Canova and Hansen (1995) seasonal-stationarity test are inapplicable and are deliberately not run, the degeneracy of the seasonal auxiliary regression at a daily period being the standard ground (Beaulieu and Miron 1992; Ghysels and Osborn 2001).

## Frequently Asked Questions

### What are the secured overnight financing rate and the reserve balance rate?

The secured overnight financing rate, the administered rate on reserve balances, and the ten-year real rate, all carried as published.

### How does SOFR differ from the rate paid on reserve balances?

One is a transacted rate at which the market funds itself against collateral; the other is administered by the central bank. The distance between them reads directly on the scarcity of reserves.

### How is the US ten-year real interest rate obtained?

It is the real yield observed in the inflation-indexed Treasury market, so the long-horizon cost of funds can be read in purchasing power terms without assuming an inflation expectation separately.