The Secured Overnight Financing Rate—widely known as SOFR—has become the leading benchmark interest rate in the United States, replacing LIBOR and serving as the foundation for pricing trillions of dollars in financial contracts.

When people think about Federal Reserve policy, they usually picture interest-rate announcements and headlines about the federal funds rate, but the Discount Window is one of the oldest and most misunderstood mechanisms the Fed uses to maintain stability, liquidity, and confidence in U.S. banking.