Might be a dumb question but what’s the difference between SOFR and the federal funds rate?

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Sofr is the o/n cost of transactions in the repo market. Fed funds is the o/n rate where banks trade reserves held at the Fed banks

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Federal funds rate is set by the FOMC (a government body) and is the target overnight rate for banks to lend each other risk reserve capital out of their reserve accounts to meet federal regulations for minimum reserve balances.

SOFR is very similar, but it is technically private investors providing treasury bond backed capital to banks for the same purpose. Since it is private investors, the rate is more or less set by market conventions vs the government.

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