Independent Auditors' Consent

The board and shareholders
AXP Federal Income Fund, Inc.:


We consent to the use of our report  incorporated herein by reference and to the
references to our Firm under the headings  "Financial  highlights" in Part A and
"INDEPENDENT AUDITORS" in Part B of the Registration Statement.




/s/  KPMG LLP
     KPMG LLP
     Minneapolis, Minnesota
     June 13,  2000