Will Five Percent Money Market Yields Soon Become a Thing of the Past? With the Federal Reserve Board of Governors meeting next week (Oct. 30-31) to discuss the economy and short-term interest rate policy, futures markets are expecting the Federal funds target rate to be cut to 4.5% from 4.75%. Given that, most of the time, money market fund and money market deposit accounts follow the Fed, the handful of remaining yields over 5% may quickly become history. However, Crane Data likes to be contrarian; we're going with the minority view that the Fed doesn't cut, resisting the market's attempt at blackmail. (Isn't it funny how credit market problems pop up just ahead of each meeting?) We think the Fed should stick with the belief that the economy is fine and that recent market turmoil is artificial, and subsiding. Either way, though, money fund and MMDA yields should continue inching lower in coming weeks.