<p>Overnight money sounds like a single price, but markets actually run on several different rates at once. Michelle and Vox unpack EFFR, SOFR, OBFR, IORB, and the discount window so listeners can understand what each one measures, why they can diverge, and what that says about stress, liquidity, and the plumbing beneath everyday market headlines.</p>

Overnight money sounds like a single price, but markets actually run on several different rates at once. Michelle and Vox unpack EFFR, SOFR, OBFR, IORB, and the discount window so listeners can understand what each one measures, why they can diverge, and what that says about stress, liquidity, and the plumbing beneath everyday market headlines.

S1E75 - When the Overnight Rate Stops Being One Rate

Thinking in Markets focuses on the structure behind global markets — time, liquidity, and the interaction between futures and cash sessions. From macro instruments like rates and FX to equities across Asia, Europe, and the U.S., each episode turns complex systems into simple, durable frameworks.

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S1E75 - When the Overnight Rate Stops Being One Rate

S1E75 - When the Overnight Rate Stops Being One Rate