After more than $500 million of pre-tax earnings impact over the past six years, Federated Investors is seeing losses from money market fee rebates subside. The average quarterly pre-tax impact was $24.3 million from 2011 through 2013. The pre-tax impact of the fee waivers in the first quarter of 2016 was only $9.4 million. The daily average of three-month Treasury bills in 2016 through May 9 was 0.257%. That compares to only 0.077% between 2009 and 2015. The median forecast of economists surveyed by Bloomberg was 1% for the Federal Reserve’s policy rates at the end of 2016, which would eliminate the need for any fee rebates.