Cash & funding
What overnight money costs and where it sits: secured and unsecured rates against the Fed’s range, the cash parked at or borrowed from the Fed, what companies pay to borrow for up to three months, and the reserves the banking system holds.
Overnight money
New York Fed · Sep 24, 2026SOFR
3.88%
+1 bp on the day
New York Fed · Sep 24
Effective fed funds
3.88%
0 bp on the day
New York Fed · Sep 24
Fed target range
3.75–4.00%
Since Sep 17, 2026
Overnight reverse repo
$576m
Cash parked at the Fed · Sep 25
Bank reserves
$2.93tn
−$5.1bn in a month
Weekly average · Sep 23
SOFR printed 3.88% for Sep 24, 2026, 13 bp above the bottom of the Fed’s 3.75–4.00% range (25 bp wide). Effective fed funds printed 3.88% for Sep 24, 2026, 13 bp above the bottom of the Fed’s 3.75–4.00% range (25 bp wide).
Where overnight money priced
Every overnight rate the Fed sets or the New York Fed measures, highest first| Rate | % | Above floor | In the range | For |
|---|---|---|---|---|
| Standing repo facilityThe Fed lends cash against Treasuries: the ceiling | 4.00 | +25 bp | Sep 25 | |
| Discount windowPrimary credit to banks | 4.00 | +25 bp | Sep 24 | |
| Interest on reservesWhat the Fed pays banks on reserves | 3.90 | +15 bp | Sep 25 | |
| SOFROvernight repo backed by Treasuries | 3.88 | +13 bp | Sep 24 | |
| Effective fed fundsUnsecured overnight bank lending | 3.88 | +13 bp | Sep 24 | |
| Overnight bank fundingFed funds and Eurodollars | 3.88 | +13 bp | Sep 24 | |
| Tri-party general collateralThe tri-party part of SOFR | 3.86 | +11 bp | Sep 24 | |
| Broad general collateralTri-party and GCF repo | 3.86 | +11 bp | Sep 24 | |
| Overnight reverse repo rateWhat the Fed pays on cash parked with it: the floor | 3.75 | 0 bp | Sep 25 |
The Fed’s target range is 3.75–4.00%. Administered rates (the Fed’s own) come from the Fed via FRED and the New York Fed’s operations; market rates from the New York Fed’s reference rates.
- SOFR
- Effective fed funds
- Fed target range
Federal Reserve Bank of New York, Reference rates: SOFR, EFFR, OBFR, TGCR, BGCR · data for Sep 24, 2026 · read Sep 25, 10:59 PM ET
The reference rates in detail
Changes, the spread of the day’s trades and the volume behind each rate| Rate | % | 1 day | 1 week | 1 month | 1st–99th pct | Volume |
|---|---|---|---|---|---|---|
| SOFROvernight repo backed by Treasuries | 3.88 | +1 | +3 | +23 | 3.81–3.96 | $2.99tn |
| Tri-party general collateralThe tri-party part of SOFR | 3.86 | +1 | +3 | +23 | 3.80–3.89 | $1.21tn |
| Broad general collateralTri-party and GCF repo | 3.86 | +1 | +3 | +23 | 3.80–3.91 | $1.25tn |
| Effective fed fundsUnsecured overnight bank lending | 3.88 | 0 | 0 | +25 | 3.85–3.94 | $105.0bn |
| Overnight bank fundingFed funds and Eurodollars | 3.88 | 0 | 0 | +25 | 3.78–3.94 | $245.0bn |
SOFR averages for Sep 25, 2026, the rates most floating loans reset on: 30-day 3.70500%, 90-day 3.66746%, 180-day 3.66814%.
Changes in basis points. The percentile range is the spread of the day’s trades around the published rate.
Federal Reserve Bank of New York, Reference rates: SOFR, EFFR, OBFR, TGCR, BGCR · data for Sep 24, 2026 · read Sep 25, 10:59 PM ET
The Fed’s facilities
Cash parked at the Fed overnight, and cash borrowed from it- Overnight reverse repo, daily take-up
- Standing repo, daily use
| Facility | Latest | Rate % | Firms |
|---|---|---|---|
| Overnight reverse repoSep 25 | $576m | 3.75 | 3 |
| Standing repoSep 25 | $0 | 4.00 | — |
Money funds park cash at the Fed through reverse repo when private repo pays less; the take-up falls as cash moves into bills and private repo. Banks and dealers borrow from the standing repo facility when private repo costs more than the Fed charges, so its use is a sign of strain.
Federal Reserve Bank of New York, Overnight reverse repo operations · latest operation Sep 25, 2026 · read Sep 25, 10:35 PM ET
Reserves and the Treasury’s cash
How much cash the banking system holds at the Fed, and how much the Treasury holds there instead- Bank reserves, weekly average
- Treasury General Account, Wednesday
| Balance | Latest | 1 month | 1 year |
|---|---|---|---|
| Bank reservesSep 23 | $2.93tn | −$5.1bn | −$143.2bn |
| Treasury General AccountSep 23 | $977.1bn | +$23.5bn | +$220.7bn |
When the Treasury builds its cash balance (after tax dates or heavy bill sales), that cash leaves bank reserves; when it spends the balance down, reserves rise. The Fed publishes both every Thursday in its H.4.1 release.
Federal Reserve Board H.4.1, via FRED, Reserve balances (WRESBAL) and the Treasury General Account (WTREGEN) · data for Sep 23, 2026 · read Sep 25, 10:35 PM ET
Commercial paper
What companies and banks pay to borrow unsecured for up to three months| Issuer grade | 7 days % | 30 days % | 90 days % | 7d, 1 month | 30d, 1 month | 90d, 1 month |
|---|---|---|---|---|---|---|
| AA nonfinancial | 3.91 | 3.96 | 4.08 | +26 | +26 | +40 |
| AA financial | 3.88 | 3.71 | 4.08 | +22 | +5 | +28 |
| A2/P2 nonfinancial | 4.07 | 4.16 | 4.24 | +24 | +25 | +22 |
Discount basis, as the Board publishes it. A2/P2 is the lower tier of top-rated paper; its premium over AA is what the market charges for weaker credit. A tenor with thin trading can go days without a rate; each cell carries its own date on hover.
Federal Reserve Board, via FRED, Commercial paper rates, 7, 30 and 90 days (RIFSPP…NB) · data for Sep 24, 2026 · read Sep 25, 10:35 PM ET
Treasury bill rates, the other place short-term cash sits, are on Rates.
ARCANE reporting
Published investigations, newest first
Chain reaction
Tech giants’ bond sales surpass sovereign borrowing as funding needs soarAlphabet, Amazon, Meta, Microsoft and Oracle now outpace entire countries in bond issuance as investors thin and AI infrastructure costs outstrip cash flow.
Archive · Credit markets · Aug 23, 2026
Chain reaction
Moody’s warns debt-funded AI spending is eroding cash flow at Alphabet, Amazon and MicrosoftMoody’s and other agencies are raising alarms as AI infrastructure costs leave major tech firms drawing heavily on bond markets and burning cash to stay ahead.
Archive · Technology credit · Aug 23, 2026
Chain reaction
Treasury trades long-term debt for short-term bills and calls it reliefWashington is funding buybacks of thirty-year Treasury bonds by issuing ninety-day bills, fighting rising interest costs while dismissing the national debt total.
Archive · Rates / sovereign debt · Aug 21, 2026
The numbers disagree
China stopped oil price spikes by refusing to bid after Hormuz closedWhen the Strait of Hormuz closed, China relied on reserves and halted imports, preventing the price surge the market expected.
Archive · Oil · Aug 20, 2026
Sources
Every number above, where it comes from and when it was read- Federal Reserve Bank of New YorkReference rates: SOFR, EFFR, OBFR, TGCR, BGCRData for Sep 24, 2026 · read Sep 25, 10:59 PM ET
- Federal Reserve Bank of New YorkOvernight reverse repo operationsData for Sep 25, 2026 · read Sep 25, 10:35 PM ET
- FRED, Federal Reserve Bank of St. LouisFederal funds target range, upper and lower limits (DFEDTARU, DFEDTARL)Data for Sep 25, 2026 · read Sep 25, 10:35 PM ET
- Federal Reserve Board H.4.1, via FREDReserve balances (WRESBAL) and the Treasury General Account (WTREGEN)Data for Sep 23, 2026 · read Sep 25, 10:35 PM ET
- Federal Reserve Board, via FREDCommercial paper rates, 7, 30 and 90 days (RIFSPP…NB)Data for Sep 24, 2026 · read Sep 25, 10:35 PM ET