SOFR (Secured Overnight Financing Rate)
The benchmark overnight rate for secured borrowing in the US repo market, calculated from actual transactions in Treasury collateral. SOFR replaced LIBOR as the primary dollar-funding rate and now sits inside the Federal Reserve's policy corridor. Where SOFR sits relative to IORB tells you whether the system is in an ample-reserves regime or trending toward scarcity.
What SOFR Is
The benchmark overnight rate for secured borrowing in the US repo market, calculated from actual transactions in Treasury collateral. SOFR replaced LIBOR as the primary dollar-funding rate and now sits inside the Federal Reserve's policy corridor. Where SOFR sits relative to IORB tells you whether the system is in an ample-reserves regime or trending toward scarcity.
Where SOFR Appears in TBL Research
SOFR is one of the money markets and fed plumbing that TBL tracks. For how it fits the broader framework, see Bitcoin and Global Liquidity.
Related TBL Resources
Bitcoin and Global Liquidity: The TBL Framework
Bitcoin moves as the highest-beta expression of global dollar liquidity. Global liquidity is the joint output of central bank balance sheets, Treasury cash management, the global banking system, and stablecoin issuance, read through the lens of collateral-system stress rather than the M2 aggregate most retail commentators cite.
TBL Glossary
Plain-English definitions for the macro, derivatives, on-chain, and TBL proprietary terms used across TBL's research. Each entry covers what the indicator measures and why it matters, conceptual form only, without proprietary formulas or live readings.
The indicators defined here are tracked live on TBL Pulse and interpreted in weekly written form in TBL Pro.