Exhibit j under Form N-1A
Exhibit 23 under Item 601/Reg. S-K
CONSENT OF ERNST & YOUNG LLP, INDEPENDENT AUDITORS
We consent to the references to our firm under the caption "Financial
Highlights" in the Prospectuses and "Independent Auditors" in the Statement of
Additional Information and to the use of our report dated May 15, 2000, in the
Post-Effective Amendment Number 29 to the Registration Statement (Form N-1A No.
33-6901) of the Federated Equity Income Fund, Inc. dated May 31, 2000.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
Boston, Massachusetts
May 30, 2000
