Should US repo be priced off of OBFR, SOFR or IOER? (Premium)

We’ve been hearing recently about differing views of US repo benchmarks for pricing that are creating some confusion. Some banks want to price off of IOER, reflecting their opportunities to place cash with the Federal Reserve and earn a return. Buy-side firms tend to want the OBFR. Meanwhile pricing off of SOFR seems like it is around the corner. We analyzed recent data on the options.
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