Fed Chair Bernake Text: no change in his economic outlook

no change in his economic outlook. Says "deceleration in econ activity currently under way appears to be taking place roughly along the lines envisioned"; hsg is cooling and auto mfg sees weaker demand but most other sectors are "expanding at a solid rate." Inflation "has been somewhat better behaved of late"; core infl still is too high but "is expected to slow gradually." Cites latest FOMC statement - inflation risks are to up-side and Fed is prepared to act "if developments warrant." Outlook is US will expand at moderate pace ahead - in '07 will return to trend. Risks are to both sides. Bernanke is speaking to business execs at the Nat'l Italian-American Foundation in NYC.