Negative US Treasury DVP repo poses marketing challenge to SOFR (Premium)

LIBOR is coming to an end, and in the US, SOFR is the successor determined by financial authorities; the Alternative Reference Rates Committee (ARRC) has already announced a Benchmark Transition Event. But some repo rates are in negative territory. The 10 year Treasury is in the public eye with rates hitting -4.25% in recent weeks, and the FICC DVP overnight rate has also been consistently negative (helped by 10 years but as an average as well). A negative DVP rate can threaten a smooth transition to SOFR.
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