SOFR, TGCR, BGCR and EFFR compared
The New York Fed's three Treasury repo rates and the effective federal funds rate, day by day and year by year. Latest prints are for October 8, 2026.
Four overnight benchmarks come out of the New York Fed each business day. Three of them, TGCR, BGCR and SOFR, measure Treasury repo and are built from nested sets of the same trades. The fourth, EFFR, measures unsecured lending in the federal funds market. This page puts them next to each other so you can see how far apart they trade, which way the gaps lean, and how that has changed since the repo rates were first published on April 3, 2018.
The past twelve months
SOFR, EFFR and TGCR, last 12 months (% per year)
BGCR is left off the chart because it would sit on top of TGCR. Over the whole history the two have never been more than 1 bp apart, and they printed the same rate on 2,076 of 2,129 business days.
Over the 250 business days from October 8, 2025 through October 8, 2026, SOFR printed above EFFR on 156 days. The widest gap in that window was +36 bp on October 31, 2025, when SOFR was 4.22% and EFFR 3.86%. The other extreme came in the second half of May 2026: SOFR was 12 bp below EFFR on May 20, 2026, and 11 bp below on May 19 and May 21. Against TGCR, SOFR averaged 2.3 bp higher over the same twelve months, never by more than 7 bp.
The last 15 business days
| Date | SOFR | TGCR | BGCR | EFFR | SOFR − EFFR (bp) |
|---|---|---|---|---|---|
| Oct 8, 2026 | 3.87% | 3.85% | 3.85% | 3.88% | -1 |
| Oct 7, 2026 | 3.88% | 3.86% | 3.86% | 3.88% | 0 |
| Oct 6, 2026 | 3.90% | 3.88% | 3.88% | 3.88% | +2 |
| Oct 5, 2026 | 3.89% | 3.87% | 3.87% | 3.88% | +1 |
| Oct 2, 2026 | 3.88% | 3.86% | 3.86% | 3.88% | 0 |
| Oct 1, 2026 | 3.87% | 3.84% | 3.84% | 3.88% | -1 |
| Sep 30, 2026 | 3.90% | 3.88% | 3.88% | 3.88% | +2 |
| Sep 29, 2026 | 3.88% | 3.87% | 3.87% | 3.88% | 0 |
| Sep 28, 2026 | 3.90% | 3.89% | 3.89% | 3.88% | +2 |
| Sep 25, 2026 | 3.90% | 3.89% | 3.89% | 3.88% | +2 |
| Sep 24, 2026 | 3.88% | 3.86% | 3.86% | 3.88% | 0 |
| Sep 23, 2026 | 3.87% | 3.85% | 3.85% | 3.88% | -1 |
| Sep 22, 2026 | 3.87% | 3.85% | 3.85% | 3.88% | -1 |
| Sep 21, 2026 | 3.85% | 3.83% | 3.83% | 3.88% | -3 |
| Sep 18, 2026 | 3.85% | 3.83% | 3.83% | 3.88% | -3 |
The federal funds target range moved up 25 bp to 3.75%–4.00% in the series dated September 17, 2026. In the 15 sessions from September 18 to October 8, 2026, EFFR printed 3.88% every day, while SOFR moved between 3.85% and 3.90% and TGCR and BGCR printed the same rate as each other. The highest SOFR prints in that stretch, 3.90%, came on September 25, September 28, September 30 and October 6, 2026. The target range history lists every range change in the data.
The snapshot holds 2,141 EFFR observations but 2,129 for each repo rate. The repo rates are not published on days for which SIFMA recommends a full close of the bond market. EFFR was published on 12 dates in the snapshot when the repo rates were not, including April 3, 2026 and July 3, 2026. The table above is keyed to SOFR dates, so those days do not appear. If you join the series yourself, decide how to treat them before you compute averages.
What each rate covers
The definitions below follow the New York Fed's reference rate methodology. All four rates are volume-weighted medians rounded to the nearest basis point. The volume column is our average of the published daily volumes for January 2 through October 8, 2026, on the 193 days all four rates were published.
| Rate | Market | Transactions included | Avg daily volume, 2026 ($bn) |
|---|---|---|---|
| TGCR | Treasury repo, secured | Overnight tri-party general collateral repo on Treasuries, centrally cleared and not, excluding trades with the Federal Reserve as counterparty | 1,250.2 |
| BGCR | Treasury repo, secured | Everything in TGCR plus GCF Repo trades | 1,281.6 |
| SOFR | Treasury repo, secured | Everything in BGCR plus bilateral Treasury repo cleared through FICC's delivery-versus-payment (DVP) service, after removing the lowest-rate 20% of DVP volume | 3,099.6 |
| EFFR | Federal funds, unsecured | Overnight federal funds trades reported on the FR 2420 by domestic banks and U.S. branches and agencies of foreign banks | 104.5 |
Because the repo rates are nested, the gaps between them have a mechanical meaning. BGCR minus TGCR is the effect of adding GCF Repo to the tri-party pool, which has never moved the median by more than 1 bp. SOFR minus BGCR is the effect of adding cleared bilateral trades, and since that segment is larger than the other two combined, it is where SOFR's distance from TGCR comes from. EFFR is a different market altogether. The FOMC sets its target range for federal funds, and EFFR is the market outcome inside that range. The secured vs unsecured rates guide explains who lends and borrows in each market.
Spreads by year
The table counts every business day on which SOFR and the comparison rate were both published. Spreads are SOFR minus the other rate, in basis points.
| Year | SOFR − TGCR avg | SOFR − TGCR range | SOFR − EFFR avg | SOFR − EFFR range | Days SOFR above / below / equal EFFR |
|---|---|---|---|---|---|
| 2018 | +2.5 | 0 to +7 | +2.4 | −5 to +60 | 112 / 54 / 22 |
| 2019 | +2.4 | 0 to +7 | +4.2 | −5 to +295 | 149 / 62 / 39 |
| 2020 | +1.8 | 0 to +4 | −0.5 | −15 to +29 | 67 / 101 / 83 |
| 2021 | +0.3 | −2 to +4 | −4.0 | −6 to +2 | 4 / 244 / 2 |
| 2022 | +1.1 | −4 to +5 | −4.5 | −14 to −1 | 0 / 249 / 0 |
| 2023 | +2.4 | 0 to +8 | −2.0 | −3 to +7 | 11 / 229 / 9 |
| 2024 | +1.4 | 0 to +13 | +0.1 | −3 to +22 | 78 / 135 / 37 |
| 2025 | +2.1 | 0 to +7 | +3.0 | −7 to +36 | 155 / 71 / 23 |
| 2026 | +2.0 | 0 to +5 | +0.2 | −12 to +11 | 99 / 68 / 26 |
Reading the SOFR − TGCR column
SOFR sits at or above TGCR in almost every year because the cleared bilateral trades it adds have usually priced above tri-party general collateral. The exceptions are concentrated: SOFR printed below TGCR on 61 days, every one of them between October 19, 2021 and September 29, 2022, and never by more than 4 bp. The widest positive gap in the data is 13 bp, on October 1, 2024, when SOFR was 5.05% and TGCR 4.92%.
Reading the SOFR − EFFR column
The secured-unsecured relationship has flipped more than once. In 2021 and 2022 SOFR printed below EFFR on 493 of 499 days, and in 2022 it never printed above. In 2025 the balance reversed: SOFR was above EFFR on 155 of 249 days and averaged 3.0 bp higher. The 2026 average of +0.2 bp is a balance of very different months: February averaged +2.7 bp, while May averaged −4.3 bp and produced the year's low of −12 bp. The largest single reading, +295 bp on September 17, 2019, is in a class of its own; the SOFR spikes and month-end guide covers that day.
Each rate is rounded to the nearest basis point before publication. A 1 bp spread between two published rates can therefore come from rounding alone, and an "equal" day can hide a small difference between the unrounded medians. Treat single-basis-point differences as noise and look at runs of days or averages.
Using these series
For a loan or note that pays SOFR, the repo rates and EFFR are context, not inputs. Contracts reference daily SOFR (simple or compounded), a SOFR Average or the SOFR Index, or CME Term SOFR. The spreads are useful in three places. A treasury team that funds in both markets can see whether secured or unsecured cash has been cheaper. A lender pricing a deal can check whether SOFR is unusually high relative to EFFR before fixing a margin. An analyst can watch SOFR − TGCR as a gauge of pressure in the cleared bilateral market; its three widest readings, 13 bp on October 1, 2024 and 8 bp on December 1, 2023 and September 30, 2024, all fell at a month or quarter turn.
To chart any of these spreads over a custom period and download the daily values, use the SOFR spread tracker. To see how wide each day's SOFR distribution was and how much volume sat behind it, go to SOFR percentiles and volume. To turn a SOFR path into loan interest, use the floating-rate loan calculator. The calculation behind each repo rate, including the DVP trim, is laid out in how SOFR is calculated.
Rates: Federal Reserve Bank of New York, published daily at newyorkfed.org. Spreads, counts and averages on this page are computed by BitsSecurity from those rates and are not New York Fed figures.