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For income investors, bonds are starting to look more attractive. The gap between the earnings yield on U.S. equities and longer term Treasury yields — known as the equity risk premium — has narrowed since interest rate hikes began in late 2015. With the Federal Reserve on track to raise rates into the low-to-mid 2% area by year-end 2018, the 10-year Treasury yield could soon match the typical earnings yield found in U.S. stocks. It’s called fixed income for a reason.