FED REACTION FROM NORTHERN TRUST

Fed react: From Northern Trust: "Chairman Bernanke delivered
essentially a speech about inflation to make it loud and clear that the
Fed's hard won inflation fighting credentials will be maintained.
Although he mentioned all soft spots of the economy -- payrolls,
housing, and consumption spending -- the main focus of the speech was
inflation. In the inflation-growth debate, there is no doubt that
inflation is the primary concern now."