I am reading about USD LIBOR transition to SOFR (Secured Overnight Financing Rate). Here, I was reading about key differencies between both rates. I would like to bettter understand relationship between SOFR and US Treasuries.
For the LIBOR, there is e.g TED Spread (3-month LIBOR minus 3-month T-bill) that is indicator of perceived credit risk in the economy. I can easily find information about TED spread increase/decrease and how it can be interpreted.
Is there anything similar for SOFR?
In particular, I am interested in the negative spreads and its implication. For the LIBOR TED it is very rare. However, on the average SOFR should be lower then LIBOR, so it means that this should be more common with the SOFR rate.