The yield curve continues to flatten as the Federal Reserve stays on the sidelines, making it hard for investors to gain sufficient income in their bond portfolios. Collin Martin, director of fixed income at Schwab (SCHW - Get Report) Center for Financial Research, advises against reaching for yield, especially in riskier asset classes like high yield. 'We don't like high yield from a tactical standpoint too much right now,' said Martin. 'We think investors should stick with their long term allocations.' The Fed met earlier this week and kept their benchmark rate on hold. The updated projections had a dovish tilt, in Martin's opinion. Although the median projection for 2016 remained steady, more participants were in the one hike only camp. 'We still think one or maybe two hikes are possible this year, but the bar is certainly higher now,' said Martin. 'It reiterates that we're in a lower for longer rate cycle.'