The Fed voted not to change monetary policy.

By a vote of 11 to 1, the Federal Open Market Committee, the central bank’s policy-making arm, decided at its May meeting not to reduce the discount rate or increase the money supply. The panel noted that the discount rate, the interest rate that the government charges banks, was reduced in May to 7.5% from 8% and that money supply figures were higher than their targets. But a majority of the group said it remains “alert” to the need for a further easing of monetary controls should economic conditions warrant, according to minutes of the meeting.