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SOFR和EFFR的利差(基点)
SOFR和EFFR的利差(基点)
行业数据
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所属报告:
特朗普“对等关税”观察(一):“对等关税”或推高长期美债利率-250426(21页).pdf
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相关数据
2025下半年以来美国有效联邦基金利率(EFFR)(%)
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行业数据
2026-07-03
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图19、EFFR自2001年初下调至1.0%左右
fCDml7bpl7QgICB8IEVGRlLvvIgl77yJIHwKfC0tLS0tLS0tfC0tLS0tLS0tLS0tfAp8IDIwMDEtMDEgfCA2LjUzICAgICAgfAp8IDIwMDItMDEgfCAxLjcyICAgICAgfAp8IDIwMDMtMDEgfCAxLjI2ICAgICAgfAoK6LWE5paZ5p2l5rqQ77yad2luZO+8jOWFtOS4muivgeWIuOe7j+a1juS4jumHkeiejeeglOeptumZouaVtOeQhg==
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行业数据
2026-06-25
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图表4.5 香港银行间拆息(HIBOR)与美元担保隔夜融资利率(SOFR)
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行业数据
2026-04-01
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私募信贷利率定价基准的2023年以来SOFR利率维持高位
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行业数据
2026-03-16
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SOFR-IORB(%)
55Sx5LqO5Zu+6KGo5pyq5o+Q5L6b5YW35L2T5pe26Ze06IqC54K555qE57K+56Gu5pWw5YC877yM5Lul5LiL5piv5Z+65LqO5Zu+6KGo6LaL5Yq/55qE5aSn6Ie05pWw5o2u6IyD5Zu06KGo5qC877yaCgp8IOaXtumXtOautSAgICAgICB8IFNPRlIgLSBJT1JCICglKSDlpKfoh7TojIPlm7QgfAp8LS0tLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLS0tLS18CnwgMjAyMS0wOH4yMDIyLTEyIHwgLTAuMTAgfiAtMC4yMCAgICAgICAgICAgIHwKfCAyMDIzLTAxfjIwMjMtMTIgfCAtMC4wNSB+IC0wLjE1ICAgICAgICAgICAgfAp8IDIwMjQtMDF+MjAyNC0wNiB8IC0wLjEwIH4gMC4xNSAgICAgICAgICAgICB8CnwgMjAyNC0wN34yMDI0LTEyIHwgLTAuMDggfiAwLjA2ICAgICAgICAgICAgIHwKfCAyMDI1LTAxfjIwMjUtMDggfCAwLjEwIH4gMC4zMiAgICAgICAgICAgICAgfAoK6LWE5paZ5p2l5rqQ77yaV0lOROOAgeWbveiBlOacn+i0p+eglOeptuaJgA==
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行业数据
2025-12-23
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SOFR-EFFR(%)
fCDml6XmnJ8gICAgICAgfCBTT0ZSLUVGRlIgKCUpIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS18CnwgMjAxOC0wNC0wMSB8IDAuMTAgICAgICAgICAgfAp8IDIwMTktMDktMTUgfCAwLjc1ICAgICAgICAgIHwKfCAyMDIwLTAzLTE2IHwgMi45NSAgICAgICAgICB8CnwgMjAyMS0wNi0wMSB8IC0wLjA1ICAgICAgICAgfAp8IDIwMjMtMTItMDEgfCAwLjMwICAgICAgICAgIHwKfCAyMDI0LTA0LTAxIHwgMC4yNSAgICAgICAgICB8CgrotYTmlpnmnaXmupDvvJpXSU5E44CB5Zu96IGU5pyf6LSn56CU56m25omA
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行业数据
2025-12-23
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美国SOFR与o/nRRP利差
fCDml6XmnJ8gICAgICAgfCBTT0ZSIC0gby9uIFJSUCAoYnBzKSB8CnwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLS0tLS0tLXwKfCAyMDE4LTA1ICAgIHwgMC4zNiAgICAgICAgICAgICAgICAgfAp8IDIwMTgtMDggICAgfCAwLjIyICAgICAgICAgICAgICAgICB8CnwgMjAxOS0wMiAgICB8IDAuMzkgICAgICAgICAgICAgICAgIHwKfCAyMDE5LTA1ICAgIHwgMC4yOCAgICAgICAgICAgICAgICAgfAp8IDIwMTktMDggICAgfCAwLjM0ICAgICAgICAgICAgICAgICB8CnwgMjAxOS0xMSAgICB8IDAuMTcgICAgICAgICAgICAgICAgIHwKfCAyMDIwLTAyICAgIHwgMC4xMCAgICAgICAgICAgICAgICAgfAp8IDIwMjAtMDUgICAgfCAwLjEyICAgICAgICAgICAgICAgICB8CnwgMjAyMC0wOCAgICB8IDAuMDkgICAgICAgICAgICAgICAgIHwKfCAyMDIwLTExICAgIHwgMC4wMyAgICAgICAgICAgICAgICAgfAp8IDIwMjEtMDIgICAgfCAwLjAxICAgICAgICAgICAgICAgICB8CnwgMjAyMS0wNSAgICB8IC0wLjAyICAgICAgICAgICAgICAgIHwKfCAyMDIxLTA4ICAgIHwgLTAuMDQgICAgICAgICAgICAgICAgfAp8IDIwMjEtMTEgICAgfCAtMC4wNyAgICAgICAgICAgICAgICB8CnwgMjAyMi0wMiAgICB8IC0wLjEwICAgICAgICAgICAgICAgIHwKfCAyMDIyLTA1ICAgIHwgLTAuMDggICAgICAgICAgICAgICAgfAp8IDIwMjItMDggICAgfCAtMC4wNiAgICAgICAgICAgICAgICB8CnwgMjAyMi0xMSAgICB8IC0wLjAzICAgICAgICAgICAgICAgIHwKfCAyMDIzLTAyICAgIHwgMC4wMCAgICAgICAgICAgICAgICAgfAp8IDIwMjMtMDUgICAgfCAwLjAyICAgICAgICAgICAgICAgICB8CnwgMjAyMy0wOCAgICB8IDAuMDQgICAgICAgICAgICAgICAgIHwKfCAyMDIzLTExICAgIHwgMC4wMyAgICAgICAgICAgICAgICAgfAp8IDIwMjQtMDIgICAgfCAwLjA1ICAgICAgICAgICAgICAgICB8CnwgMjAyNC0wNSAgICB8IDAuMDcgICAgICAgICAgICAgICAgIHwKfCAyMDI0LTA4ICAgIHwgMC4wOSAgICAgICAgICAgICAgICAgfAp8IDIwMjQtMTEgICAgfCAwLjEzICAgICAgICAgICAgICAgICB8CnwgMjAyNS0wMiAgICB8IDAuMTYgICAgICAgICAgICAgICAgIHwKfCAyMDI1LTA1ICAgIHwgMC4xOSAgICAgICAgICAgICAgICAgfAp8IDIwMjUtMDggICAgfCAwLjM3ICAgICAgICAgICAgICAgICB8CnwgMjAyNS0xMSAgICB8IDAuNDYgICAgICAgICAgICAgICAgIHwKCui1hOaWmeadpea6kO+8muW9reWNmuOAgeS4nOWQtOivgeWIuOeglOeptuaJgA==
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行业数据
2025-12-15
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美国SOFR-IORB(%)
fCDml6XmnJ8gICAgICAgfCBTT0ZSLUlPUkLvvIgl77yJIHwKfC0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS0tLS0tfAp8IDIwMjEvMTEvMjEgfCDnuqYtMC4xICAgICAgICAgfAp8IDIwMjEvMTEvMjIgfCDnuqYtMC4xNSAgICAgICAgfAp8IDIwMjEvMTEvMjMgfCDnuqYtMC4xICAgICAgICAgfAp8IDIwMjEvMTEvMjQgfCDnuqYtMC4wNSAgICAgICAgfAp8IDIwMjEvMTEvMjUgfCDnuqYwLjEyICAgICAgICAgfAoK5pWw5o2u5p2l5rqQ77yaRlJFRO+8jOi0oumAmuivgeWIuOeglOeptuaJgA==
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行业数据
2025-12-12
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美国SOFR与o/nRRP利差
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行业数据
2025-12-01
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美国SOFR-IORB(%)
PHxiZWdpbl9vZl9ib3h8PuaVsOaNruihqOagvO+8mu+8iOWboOWbvuihqOacquaPkOS+m+WFt+S9k+aVsOaNrueCue+8jOaXoOazleeUn+aIkOeyvuehruihqOagvO+8iQoK6LWE5paZ5p2l5rqQ77yaRlJFRO+8jOi0oumAmuivgeWIuOeglOeptuaJgDx8ZW5kX29mX2JveHw+
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行业数据
2025-11-25
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美国SOFR-IORB(%)
PHxiZWdpbl9vZl9ib3h8Pnwg5oyH5qCHICAgICAgICAgfCDml7bpl7TojIPlm7QgICB8IOaVsOaNruadpea6kCAgICAgICB8CnwtLS0tLS0tLS0tLS0tLXwtLS0tLS0tLS0tLS18LS0tLS0tLS0tLS0tLS0tLXwKfCBTT0ZSLUlPUkIoJSkgfCAyMDIxLzExIC0gMjAyNS8xMSB8IEZSRUTvvIzotKLpgJror4HliLjnoJTnqbbmiYAgfAoK5pWw5o2u5p2l5rqQ77yaRlJFRO+8jOi0oumAmuivgeWIuOeglOeptuaJgDx8ZW5kX29mX2JveHw+
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行业数据
2025-11-18
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交易所交易基金持有的美国国债金额、EFFR和仓位(万亿美元,%)
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行业数据
2025-11-14
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商业银行的存款准备金和SOFR-IORB(万亿美元,%)
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行业数据
2025-11-14
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个人投资者国债投资额变动和EFFR(万亿美元,%)
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行业数据
2025-11-14
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图2、9月以来SOFR-OIS利差走阔,但幅度低于2019年和2023年
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行业数据
2025-11-13
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虽然从上述高频数据观察中,我们看到外国投资者确实在抛售一些美债,不过在短端美债市场的流动性似乎还相对充裕。SOFR和 EFFR的利差是一个常用的流动性观察指标。从流动性的观察指标看,目前的流动性紧张程度还未达到 2019 年的水平,不过相对于非常宽松的时期略有收紧。
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特朗普“对等关税”观察(一):“对等关税”或推高长期美债利率-250426(21页).pdf
2025年关税与美债行业报告:长期美债利率上行风险,美元供给减少前景
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