Обеспеченная ставка финансирования овернайт

# SOFR (Secured Overnight Financing Rate)

SOFR (Secured Overnight Financing Rate) is an indicator that shows the interest rate at which financial institutions in the United States conduct overnight secured funding. The Federal Reserve began publishing it in April 2018, and it is calculated daily on each business day based on actual transaction data in the repo market. Specifically, it reflects the interest rate level in short-term financial markets using high-quality collateral such as government bonds, and serves as the most fundamental interest rate indicator in U.S. financial markets.

SOFR is considered important primarily for its market-based nature. While the traditional primary indicator LIBOR (London Interbank Offered Rate) was based on bank estimates, SOFR is calculated from observable data based on actual transactions, offering greater transparency and reliability. Indeed, with the discontinuation of LIBOR at the end of 2021, SOFR has become positioned as a mainstream indicator in global financial markets. Furthermore, it is an important indicator for understanding the transmission mechanism of the Federal Reserve's monetary policy and reflects financial market liquidity and institutional investors' risk assessments.

Notable trends include SOFR's high correlation with the Federal Reserve's policy rate (federal funds rate), showing significant fluctuations at monetary policy turning points. During the rapid rate-hiking phase from 2022 to 2023, SOFR also increased substantially. As changes in financial institutions' funding costs and corporate loan rates cascade through to the real economy, SOFR functions as an important leading indicator with effects on economic activity. Going forward, SOFR's movements will be an indispensable reference indicator for understanding interest rate trends in U.S. and international financial markets.