SOFR is dropping, which indicates there’s plenty of liquidity moving through the system. Tech is rallying today. But credit default swaps on the speculative AI names are still climbing.

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SOFR did drop to about 3.92% on November 6, 2025, its lowest in roughly two years, and SOFR is now the key dollar reference rate published by the New York Fed.

https://ycharts.com/indicators/sofr

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