  We present magnetization, specific heat, and 27Al NMR investigations on
YbFe2Al10 over a wide range in temperature and magnetic field. The magnetic
susceptibility at low temperatures is strongly enhanced at weak magnetic
fields, accompanied by a ln(T0/T) divergence of the low-T specific heat
coefficient in zero field, which indicates a ground state of correlated
electrons. From our hard X-ray photo emission spectroscopy (HAXPES) study, the
Yb valence at 50 K is evaluated to be 2.38. The system displays valence
fluctuating behavior in the low to intermediate temperature range, whereas
above 400 K, Yb3+ carries a full and stable moment, and Fe carries a moment of
about 3.1 mB. The enhanced value of the Sommerfeld Wilson ratio and the dynamic
scaling of spin-lattice relaxation rate divided by T [27(1/T1T)] with static
susceptibility suggests admixed ferromagnetic correlations. 27(1/T1T)
simultaneously tracks the valence fluctuations from the 4f -Yb ions in the high
temperature range and field dependent antiferromagnetic correlations among
partially Kondo screened Fe 3d moments at low temperature, the latter evolve
out of an Yb 4f admixed conduction band.
