It goes almost without saying that the Federal Reserve's policy makers, when they meet on Tuesday to discuss interest rates, will not raise them.

The Fed's policy makers have raised short-term interest rates by three percentage points since early last year, with the last half-point increase taken on Feb. 1.

From February 1994 to March 1995, policy makers raised the federal funds rate target to 6 percent from 3 percent.

With each hurdle crossed by him, our policy makers have raised the stakes.

When policy makers raised rates on Feb. 4 and again on March 22, both increases were publicly announced.

The two reports added to the uncertainty about whether the policy makers will raise rates again on Tuesday.

Mr. Greenspan had given plenty of hints that he and his fellow policy makers would raise interest rates.

The evidence of weak job gains dashed any lingering speculation that the Federal Reserve's policy makers might raise interest rates at their May meeting.

But the Federal Reserve's policy makers do not raise interest rates in a vacuum.

We policy makers have raised the stakes by promising to deliver.