Tri-Party Repo Rate (Overnight Average)

## What this measures

The average rate on overnight and open tri-party repo, percent, daily (preliminary). From the OFR's collection of repo transactions (DVP and GCF from FICC, tri-party from BNY), published in the Short-term Funding Monitor.

## Why it matters

Repo is where cash and Treasury collateral meet overnight, the plumbing under every other market. Rate spikes and volume swings here (September 2019) show stress before it reaches anything else.

## How to read it

Compare rates with each other and with the fed funds range and SOFR: a jump above the top of the range is a funding squeeze. Volumes grow with Treasury issuance; read changes, not levels.

## What it does not say

Preliminary values are revised by the OFR; days with too little trading are blank. Bilateral uncleared repo is not covered.

## Source

Office of Financial Research, Short-term Funding Monitor (REPO-TRI_AR_OO-P). Public domain.