I have come across this page from
CME which provides O/N rate for various terms:
I am confused on this specification. What does 6m
SOFR as 0.05144 mean?
SOFR is essentially overnight rate, so for a given day (closing) I would expect only single quote.
Is there any calculation happening to derive this so called 6M rate for
SOFR? What does the rate 0.05144 mean in practical sense?
Any insight is highly appreciated.