The London Interbank Offered Rate (LIBOR) has been rising since The Federal Reserve began raising their target rate back in late 2015 and has accelerated as The Fed began rapidly raising its target rate after Donald Trump’s election as President.
LIBOR 1 month is following a “jump process” where is surges or jumps periodically ahead of The Fed’s rate hike announcement. But the NY Fed’s SOFR index tracks the Fed’s target rate
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As closer look since SOFR was introduced.
So, the New York Fed’s SOFR index takes out the front-running of The Fed’s rate increases.