WASHINGTON -- A moderate consumer price report for June that the government issued yesterday may have bought a little time for the Federal Reserve before it tightens credit again.

Many analysts now believe that members of the Federal Open Market Committee will wait until their Aug. 16 meeting. before considering another increase in short-term rates. Some are betting the Fed will raise the federal funds rate half a percentage point to 4.75% from the current 4.25%, while others say officials will opt for the usual medicine of only 25 basis points.

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