      Since the CPI is a near-term inflationary indicator, a CPI figureexceeding analyst estimates will typically be reacted to negatively byequity and bond market participants. Remember, when inflation rears itsugly head, the Fed positions itself to cool the economy down. Although noimmediate action is taken in many cases, the sentiment of marketparticipants is adjusted to reflect the predicted actions of the FederalReserve (a.k.a., Alan).