FED REACTION OVER IMC

Fed react: From Bear: "Fed Chairman Bernanke notes that the economy
is moderating, but this speech provides another indication that this is
what the Fed wants to see." Bear says May CPI on Jun 14 "could influence
expectations for the June 29th policy decision (but) at this point, we
continue to expect the Fed to respond to inflation developments with
another quarter-point rate hike."