The Federal Reserve played down forecasts by some of its ownpolicy makers that interest rates might rise faster than theypreviously predicted.

“Several participants noted that the increase in the medianprojection overstated the shift in the projections,” according tominutes of the March 18-19 meeting of the Federal Open MarketCommittee released today. Some expressed concern the rate forecasts“could be misconstrued as indicating a move by the committee to aless accommodative reaction function.”

U.S. stocks rose while Treasuries pared declines after theminutes eased concern about the timing of future interest-rateincreases. Even after rates rise, officials said last month, theymight have to be kept at levels considered below normal for longerbecause of tighter credit, higher savings and slower growth inpotential output.

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