What changed
The latest official SOFR observation was 3.62% on August 12, down from 3.64% on August 11. That is a fall of 2 basis points.
Preliminary DVP outstanding repo volume was $3.397 trillion on August 11, up from $3.395 trillion on August 10. Using the unrounded official observations, the increase was 0.05% when rounded to two decimal places.
The dates are not synchronized: the latest SOFR observation is one day newer than the latest DVP repo-volume observation.
What the pair can tell us
Read together, the two series provide a narrow daily view of secured funding: the reference rate moved down while this measure of outstanding repo volume changed only slightly.
That combination does not establish broad funding stress. Neither series can carry that conclusion alone, and the small volume change is not a system-wide stress measure.
Why the interpretation stays bounded
SOFR is a transaction-volume-weighted median reference rate, not a complete map of funding conditions. The DVP series covers a specific repo-market segment and the latest observations are preliminary.
The defensible conclusion is therefore the snapshot itself: SOFR fell 2 basis points and preliminary DVP outstanding volume edged up 0.05% across their respective latest two observations. Anything broader needs additional, independent evidence.
What would invalidate this snapshot
A revision by either official source that changes one of the four input observations—and therefore either calculated move—would invalidate this reading.
A missing DVP value would not be evidence of zero activity. OFR notes that missingness may reflect no trading or a confidentiality disclosure edit.