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 · Oct 6, 2026SOFR
3.90%
+1 bp on the day
New York Fed · Oct 6
Effective fed funds
3.88%
0 bp on the day
New York Fed · Oct 6
Fed target range
3.75–4.00%
Since Sep 17, 2026
Overnight reverse repo
$2.3bn
Cash parked at the Fed · Oct 7
Bank reserves
$2.95tn
+$23.2bn in a month
Weekly average · Sep 30
SOFR printed 3.90% for Oct 6, 2026, 15 bp above the bottom of the Fed’s 3.75–4.00% range (25 bp wide). Effective fed funds printed 3.88% for Oct 6, 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 | Oct 7 | |
| Discount windowPrimary credit to banks | 4.00 | +25 bp | Oct 6 | |
| Interest on reservesWhat the Fed pays banks on reserves | 3.90 | +15 bp | Oct 7 | |
| SOFROvernight repo backed by Treasuries | 3.90 | +15 bp | Oct 6 | |
| Tri-party general collateralThe tri-party part of SOFR | 3.88 | +13 bp | Oct 6 | |
| Broad general collateralTri-party and GCF repo | 3.88 | +13 bp | Oct 6 | |
| Effective fed fundsUnsecured overnight bank lending | 3.88 | +13 bp | Oct 6 | |
| Overnight bank fundingFed funds and Eurodollars | 3.88 | +13 bp | Oct 6 | |
| Overnight reverse repo rateWhat the Fed pays on cash parked with it: the floor | 3.75 | 0 bp | Oct 7 |
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 Oct 6, 2026 · read Oct 7, 9:54 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 | 3.90 | +1 | +2 | +25 | 3.84–3.98 | $3.00tn |
| Tri-party general collateralThe tri-party part of SOFR | 3.88 | +1 | +1 | +24 | 3.80–3.90 | $1.18tn |
| Broad general collateralTri-party and GCF repo | 3.88 | +1 | +1 | +24 | 3.80–3.93 | $1.22tn |
| Effective fed fundsUnsecured overnight bank lending | 3.88 | 0 | 0 | +25 | 3.85–3.90 | $120.0bn |
| Overnight bank fundingFed funds and Eurodollars | 3.88 | 0 | 0 | +25 | 3.80–3.93 | $225.0bn |
SOFR averages for Oct 7, 2026, the rates most floating loans reset on: 30-day 3.80031%, 90-day 3.70211%, 180-day 3.68523%.
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 Oct 6, 2026 · read Oct 7, 9:54 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 repoOct 7 | $2.3bn | 3.75 | 15 |
| Standing repoOct 7 | $2m | 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 Oct 7, 2026 · read Oct 7, 9:54 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 30 | $2.95tn | +$23.2bn | −$54.1bn |
| Treasury General AccountSep 30 | $948.7bn | −$2.1bn | +$143.8bn |
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 30, 2026 · read Oct 7, 9:43 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 | 3.95 | 4.04 | +25 | +19 | +19 |
| AA financial | 3.89 | 3.94 | 4.07 | +22 | +23 | +24 |
| A2/P2 nonfinancial | 4.04 | 4.13 | 4.22 | +20 | +13 | +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 Oct 6, 2026 · read Oct 7, 9:43 PM ET
Treasury bill rates, the other place short-term cash sits, are on Rates.
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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 Oct 6, 2026 · read Oct 7, 9:54 PM ET
- Federal Reserve Bank of New YorkOvernight reverse repo operationsData for Oct 7, 2026 · read Oct 7, 9:54 PM ET
- FRED, Federal Reserve Bank of St. LouisFederal funds target range, upper and lower limits (DFEDTARU, DFEDTARL)Data for Oct 7, 2026 · read Oct 7, 9:40 PM ET
- Federal Reserve Board H.4.1, via FREDReserve balances (WRESBAL) and the Treasury General Account (WTREGEN)Data for Sep 30, 2026 · read Oct 7, 9:43 PM ET
- Federal Reserve Board, via FREDCommercial paper rates, 7, 30 and 90 days (RIFSPP…NB)Data for Oct 6, 2026 · read Oct 7, 9:43 PM ET