9-1 Fisher preferred to raise rates.

• DOWNSIDE GROWTH RISKS HAVE 'DIMINISHED SOMEWHAT'
• UPSIDE RISKS TO INFLATION, EXPECTATIONS HAVE RISEN
• UNCERTAINTY ABOUT INFLATION OUTLOOK REMAINS HIGH
• IT EXPECTS INFLATION TO MODERATE
• FINANCIAL MARKETS REMAIN UNDER `CONSIDERABLE STRESS'
• ACT AS NEEDED TO PROMOTE GROWTH, STABLE PRICES