Watch Federated Investors' Debbie Cunningham on Bloomberg TV. She discusses the limited nature of last week's Treasury fee waivers, past instances of temporary partial money fund fee waivers due to low yields, and recent events in the money markets. Cunningham expects Fed funds to decline to about 1.5% to 1.75% over the next quarter (Fed funds futures show the market expecting a cut to 2.0%) with a potential rebound to 2.0% in the 2nd half of 2008. On the huge cash buildup, she says, "I think institutional memory is not necessarily very long-lived, so as people get more comfortable with the economy ... they will again look at their cash component ... and what they want to take a little more risk in."

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