This view presents short‑term overnight rates and policy bands: the effective federal funds rate (EFFR/FFR), SOFR percentile distributions (1/25/50/75/99), and SOFR transaction volume.
Why it matters: The position of EFFR relative to the FFR target range (upper/lower band), and the spread between EFFR and SOFR, can signal liquidity conditions and regulatory balance‑sheet constraints. Persistent prints near a band or widening EFFR–SOFR gaps may foreshadow adjustments in monetary policy implementation or stance. Please refer to the Fed's definition of "ample reserves" for implication considerations.