Exhibit (j) under Form N-1A
Exhibit 8 under Item 601/Reg SK
CONSENT OF INDEPENDENT AUDITORS
We consent to the references to our firm under the caption "Financial
Highlights" in the Prospectus and "Independent Auditors" in the Statement of
Additional Information and to the use of our report dated May 15, 2000, in
Post-Effective Amendment Number 46 to the Registration Statement (Form N-1A
Number 2-60103) of Federated High Income Bond Fund dated May 31, 2000.
By: /s/ ERNST & YOUNG
Ernst & Young
Boston, Massachusetts
May 25, 2000
