The longer the Federal Reserve promises to keep interest rates low, the more valuable Energy Transfer Partners (ETP) is and the longer I want to hold it.

In its press release from its June 24 meeting the Federal Open Market Committee said it "continues to anticipate that economic conditions are likely to warrant exceptionally low levels of the federal funds rate for an extended period." Units of Energy Transfer Partners now yield 8.03% versus a Fed funds target rate of 0% to 0.25%. As of July 29, I'm raising my target price for this master limited partnership to $49 a unit by June 2010 from my prior target of $47 by March 2010.

 (Full disclosure: I own units of Energy Transfer Partners in my personal portfolio.)