The Secured Overnight Financing Rate (SOFR) is a broad measure of overnight borrowing costs in the U.S. Treasury repo market, published each U.S. business day by the Federal Reserve Bank of New York (around 8:00 a.m. ET). In recent months, attention on SOFR and repo rates has been driven less by “mystery spikes” and more by tightening system liquidity and recurring month-/quarter-end funding pressures. Late in 2025, usage of the Fed’s Standing Repo Facility (SRF), a backstop meant to cap stress in repo funding, reached record or near-record levels around month-end and year-end, reflecting elevated demand for secured financing when balance-sheet constraints bite. These dynamics have occurred alongside the Fed’s shift away from balance-sheet runoff as signs emerged that reserves were becoming less abundant, making short-term rates more sensitive to collateral supply/demand and funding frictions.