Structural Liquidity and Asset De-risking Date:  Monday, November 24, 2025 I. Global Liquidity and Interbank Funding Rates The current environment continues to reflect significant fragmentation in the cost of credit across key global jurisdictions, juxtaposed with forward expectations of monetary easing in the US. Benchmark Index Current Rate Date of Fix Jurisdiction Source Fed Funds Rate Effective 3.88% 24-Nov-25 United States [5] 1M Term SOFR 3.954% 24-Nov-25 United States

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