RUSFAR
The secured money-market rate, calculated from repo transactions with a central counterparty.
How to read the number
It shows the price of short money against high-quality collateral; the coupons of some floaters and the results of money-market funds rest on it.
When the metric lies
A secured rate sits below an unsecured one because it carries no counterparty credit risk. Substituting it for an interbank lending rate in a calculation is wrong.
Also known as: secured funding rate