SOFR vs. Treasury Bills: Money Market Spreads Explained
Understand the SOFR-Treasury spread, how secured overnight rates replaced LIBOR and the TED spread, and what money-market dislocations reveal.
SOFR
SOFR vs. Fed Funds Rate: Secured vs. Unsecured Benchmarks
Understand the key differences between SOFR and the Fed Funds Rate, from collateral and calculation methods to how they drive lending and policy.
Adjustable-Rate Mortgages Explained: SOFR, Margin, Caps
Understand how adjustable-rate mortgages (ARMs) reset after the fixed period, including SOFR index calculation, lender margins, rate caps, and payment math.
How Adjustable-Rate Mortgages Work: Resets, Caps, and SOFR
Learn how adjustable-rate mortgages work: the SOFR reference index, lender margins, 2/2/5 cap structures, and exact reset payment math.
SOFR Explained: How the Post-LIBOR Benchmark Actually Works
SOFR replaced LIBOR as the reference for trillions in dollar debt. Here is how it is calculated, what moves it, and why September 2019 still matters.
Repo and Reverse Repo Explained: The Plumbing of Rates
How the US repo market really works: repo vs reverse repo, SOFR, the Fed’s RRP floor and SRF ceiling, and what broke in September 2019.
Interest Rate Swaps Explained: Fixed-for-Floating and SOFR
How an interest rate swap turns floating debt into fixed. Mechanics, a $100M worked example, SOFR after LIBOR, and Dodd-Frank clearing.
Repo and Reverse Repo Explained: The Plumbing of Short-Term Finance
Repos and reverse repos move trillions of dollars daily. Learn how repurchase agreements work, what the Fed’s RRP facility does, and why it matters to markets.