<p>According to data from the Federal Reserve Bank of New York, the Secured Overnight Financing Rate (SOFR) was reported at 4.28% on the last trading day (July 21), down from 4.30% the previous day. On that day, three large trades in SOFR options occurred, with traders betting that the Federal Reserve's rate cuts this year would not be as significant as previously anticipated. The effective federal funds rate was reported at 4.33% on the last trading day, unchanged from the previous day</p>

<p>According to data from the Federal Reserve Bank of New York, the secured overnight financing rate (SOFR) on July 21 was 4.28%, down from 4.30% the previous day. At the same time, three large trades in SOFR options occurred, with traders believing that the Federal Reserve's rate cuts this year will be less aggressive than previously expected. The effective federal funds rate remains at 4.33%</p>

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