SOFR Above the Fed's IORB 9 Days in a Row

SOFR, the benchmark rate for overnight loans backed by Treasuries, was 3.94% on November 4, 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 9 straight business days, a sign that bank reserves are no longer abundant and overnight cash is getting tighter. Volume: $3.207 trillion. ($TLT $SHV)