In June, the ARRC announced its recommended alternative rate, the Broad Treasuries Financing Rate (“BTFR”). However, as the pronunciation of “BTFR” apparently is unsavory, the acronym is being replaced with “SOFR” (Secured Overnight Funding Rate). But it’s the same thing – a secured overnight Treasuries repo rate. 

"Apparently unsavory" is the new standard for short rates.

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