The first value of the Secured Overnight Financing Rate (SOFR) benchmark has been published today by the New York Fed. The page for the rate is: https://apps.newyorkfed.org/markets/autorates/sofr
A new benchmark that is expected to play a role in the Games of Benchmarks.
The first value of the benchmark, for overnight rates between Tuesday 2 April and Wednesday 3 April, has been fixed at 1.80%. For the same period, the Fed Fund Effective rate has been fixed at 1.68%.
This means that the secured rate is 12 basis points above the unsecured rate!
Note that like for some other overnight rates, the new benchmark is based on rates for trade on the start of the overnight period but only published the next day. It is difficult to understand why, in this era of real time and supercomputers, it takes so long for the publication of the rate. Even LIBOR that is probably not a paragon of virtue was published as soon as computed, around 11:00 a.m. London time. Note that SONIA, when it will be moved to its reformed version on 23 April 2018, will also be only published on a next day basis. Personally I would prefer an immediate publication. But it seems that timely publication is not a requirement for benchmarks.