THE ECONOMY

* Federal Reserve Board policymakers, meeting in May to weigh interest-rate strategy, felt there was little risk of an immediate uptick in inflation but feared for price stability over the longer haul. Minutes of their May 18 session showed they voted unanimously to keep rates steady but to adopt a bias toward raising rates in the future. At a subsequent two-day meeting that ended Wednesday, the Federal Open Market Committee pushed rates up a quarter percentage point and scrapped their bias toward increasing rates.

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