A risk manager at Lakeshore Bank observes that 3-month SOFR Eurodollar futures are quoted at 95.25, while the corresponding forward rate agreement (FRA) implies a 3-month rate of 4.68%. The futures contract has 2 years to expiration, and the volatility of the 3-month rate is 1.2% per year. The most likely explanation for the difference between the futures rate and the FRA rate is: