UNITED STATES SOFR AND FEDERAL FUND INTEREST-RATE BASE SPREADS SURGED, WITH INTEREST-RATE SPREADS POSITIVE FOR THE FIRST TIME IN JULY

ON 9 JULY, IN A TRANSACTION ON THURSDAY IN THE UNITED STATES MARKET, A LARGE AMOUNT OF THE JULY SOFR (GUARANTEED OVERNIGHT FINANCING INTEREST RATE) AND FEDERAL FUND INTEREST RATES WAS BOUGHT, MAKING THE SPREAD POSITIVE FOR THE FIRST TIME, INDICATING THAT IN THE JULY CONTRACT SOFR INTEREST RATES WERE LOWER THAN FEDERAL FUND RATES FOR ONE MONTH. A SIMILAR BUY-IN ACTIVITY OCCURRED ON WEDNESDAY AND TUESDAY MORNING。