According to CoinMeta, on the previous trading day (October 26th), the guaranteed overnight financing rate (SOFR) was reported at 3.93% (compared to 3.92% the day before), which is 3 basis points higher than the current excess reserve rate (IORB) of 3.90%, setting a new record for the largest spread since August 31st. The effective federal funds rate was reported at 3.88%, unchanged from the previous day. Data from the Federal Reserve of New York shows that due to the dual factors of a large number of U.S. Treasury auctions and the year-end fiscal year settlements of Canadian banks, a key interest rate benchmark linked to overnight repurchase agreements further rose above the Fed's (IORB), creating the largest spread in nearly two months. Other repurchase rates—the three-party general guarantee rate and the broad general guarantee rate—both increased from 3.90% to 3.91%, which is 1 basis point higher than (IORB). Data from (TreasuryDirect) indicates that U.S. Treasury auction settlements will net 41 billion dollars in Treasurys on Tuesday, with about 4 billion dollars raised on October 29th and 26 billion dollars on October 30th. The combination of strong settlement activities and the year-end settlements of Canadian banks has begun to drive an increase in sponsored repurchase activities.