setting Federal Open Market Committee, which has raised the fed funds rate eight times since last June, next holds a two-day policy session on June 29-30. Commerce said that imports increased at a 9.1 percent annual rate in the first quarter instead of 14.7 percent as Commerce estimated last month. That benefits GDP because imports subtract from the calculation of national output. But some of the benefit from slower import growth was lost because inventories -- which are a positive for GDP -- grew at a $68.4-billion annual rate rather than $80.2 billion. However, the revised rate was still ahead of the fourth quarter's $47.2 billion pace. The GDP data helped boost stock prices, with the blue-chip Dow Jones industrial average ahead about 60 points in the afternoon on the signs of stronger growth. --More 0044 Local Time 2144 GMT
