Fed continues to put in place mechanisms that will help it tighten policy when the time comes.....announces dates of its term deposit facilities - The fed will conduct three tests of the term deposit facility - June 14, June 28, and Jul 12.  These are basically CD-like facilities that will be used to tighten credit when the Fed decides to move down this road.  The Fed has said it would be conducting these tests in the early summer and makes clear that the tests don’t have implications for policy.  However, the fact they are moving forward despite the recent european debt crisis could be taken as a neg. by the market and cause some to think that EU won't derail the Fed's tightening plan too much.  Stocks ticked lower on the news and dollar ticked higher.