Repo stress drove 2025 SOFR-to-fed funds swap pivot
SOFR OIS volumes slipped to almost half of fed funds activity during September repo spikes
Trading in overnight index swaps (OIS) referencing the effective federal funds rate outpaced activity linked to the secured overnight financing rate, or SOFR, in the second half of 2025, as US repo markets came under stress amid monetary policy uncertainty.
Notional volume in fed funds OIS hit nearly $12 trillion in September 2025, a more than fourfold increase on January’s $2.8 trillion, data
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