CME Group launches a new benchmark rate designed to track overnight funding costs in the United States. The rate, called the U.S. Dollar RepoFunds Rate, is intended to provide a one-day “risk-free” reference based on centrally cleared U.S. repurchase (repo) transactions. CME says the benchmark reflects centrally cleared U.S. repo trades carried out on BrokerTec, and it is linked to overnight funding activity. The announcement positions the new rate as an addition to CME’s existing set of global risk-free benchmarks. Bloomberg reports that the benchmark is tied to overnight funding costs and expands CME’s suite of reference rates used in financial markets. PR Newswire describes the methodology more directly, stating that the U.S. Dollar RepoFunds Rate is calculated from centrally cleared U.S. repo trades and aims to capture the overnight rate for use as a benchmark. Both outlets frame the launch as part of CME’s efforts to provide widely used interest-rate references for market participants, particularly for short-term funding and related pricing.