The Federal Open Market Committee is reconsidering how it indicates whether it is leaning toward higher or lower interest rates.

To conduct the review, Federal Reserve Board Chairman Alan Greenspan formed a subcommittee at the panel's Aug. 24 meeting, according to a summary of the meeting released Thursday. Mr. Greenspan told his fellow FOMC members that the directives, as the announcements are known, are subject to "differing interpretations."

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