Long-term investors with income on their mind have essentially been unaffected by the Federal Reserve raising interest rates two years in a row, according to Bloomberg columnist Chet Currier.

Investors of bond mutual funds and other long-term investments were hard pressed to find yields that met their needs before the Fed started to raise short-term rates from historic lows in mid-2004. Now, investors are still faced with the same problem as the Fed's target rate for overnight loans between banks has risen 1 % to 5.25%.

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