In the US, the spread between SOFR and the federal funds rate has increased significantly, with the spread turning positive for the first time in July.

In Thursday's trading in the US market, a large number of purchases of the spread between July SOFR and the federal funds rate caused the spread to turn positive for the first time, indicating that in the July contract, the 1-month SOFR rate was lower than the federal funds rate. Similar buying activity also occurred in early trading on Wednesday and Tuesday.