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.

SOFR rate is plunging which means liquidity is flush throughout the system.

Ignore all of the other noise around $2000 stimmies and the end of the shutdown.

This surge in liquidity alone will push equities and gold higher at least in the short term. https://t.co/tCTGfKPvLE

— QE Infinity (@StealthQE4) November 10, 2025

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

pic.twitter.com/Bbe70XIsfk

— Gordon Johnson (@GordonJohnson19) November 10, 2025