BULLET: Fed's beige book prepared for the May 3 FOMC: price..

Fed's beige book prepared for the May 3 FOMC: price pressures
intensified, mainly from pass-thrus from the energy sector. But not all
the pressures are in energy - retailers, mfrs and services are passing
thru some rising input costs. Summary reads: All twelve districts
indicated economic activity continued to expand; New York and Cleveland
mentioned uneven progress, Richmond noted improvement in April following
a restrained March. Price pressures have intensified in some districts,
most report energy prices are a concern across sectors. Manufacturing
activity ahead of previously reported levels, service industries
generally positive, more than half of districts reported retail activity
higher, with Chicago "subdued," Dallas "disappointed" with recent growth
and Cleveland showing "some deterioration." Residential real estate
strong, commercial real estate conditions varied. Wage pressures mixed.
Mkts probably will not like the renewed focus on possible inflation.