Fed policy-makers predicted moderate growth.

Members of the Federal Reserve Board’s Federal Open Market Committee, according to the just-released minutes of their Aug. 19 meeting, saw economic activity expanding at a moderate pace in the third quarter. But they noted uneven patterns of development in different sectors. They also said a projected improvement in the U.S. trade position was a “key element” in supporting growth of domestic production. The committee voted 9 to 2 to further ease monetary policy; the next day, the Fed cut the discount rate to 5.5%, its lowest level since 1977.