Key U.S. overnight benchmarks were little changed on 5 August. The Secured Overnight Financing Rate inched up to 4.34%, a one-basis-point increase from the previous session, while the effective federal funds rate held at 4.33%, according to Federal Reserve data. Trading volume in the fed funds market slipped to $115 billion from $117 billion the day before, suggesting stable but slightly softer demand for overnight liquidity. In Europe, the Euribor — the reference rate for interbank lending in the euro area — continued its gradual decline. The daily fixing for 6 August fell to 2.118%, down 0.011 percentage points from the prior day, bringing the month-to-date average to 2.137%. The slide in Euribor contrasts with the steady U.S. rates and reflects expectations that the European Central Bank may maintain a looser stance amid moderating inflationary pressures.