SOFR ABOVE THE FED'S IORB 5 DAYS IN A ROW

SOFR, the benchmark rate for overnight loans backed by Treasuries, was 3.94% on October 29, 4 basis points above the 3.90% the Fed pays banks on reserves (IORB), according to the New York Fed. It has printed above IORB for 5 straight business days, a sign that bank reserves are no longer abundant and overnight cash is getting tighter. Volume: $3.145 trillion. ($TLT $SHV)