July 16, 1984

Representative Geraldine A. Ferraro said today that in the aftermath of her comments about the depth of President's Reagan's religous commitment she might have to think more before she speaks. Mrs. Ferraro said Friday that Mr. Reagan ''walks around calling himself a good Christian but I don't for one minute believe it because the policies are so terribly unfair.'' The Reagan campaign attacked her Saturday, saying she had spoiled the start of her candidacy by casting doubt on the President's religious beliefs. Mrs. Ferraro, a Roman Catholic, said in an interview that she had been irritated at her first campaign stop after Walter F. Mondale designated her as his Democratic running mate when she saw signs that questioned how good a Catholic she was. ''I guess that gets to you,'' she said after attending mass at the Catholic church here. ''You kind of turn around and say: 'Don't do that to me. If you're going to do it, I'm not going to stand by and let you get away with it.' That I may have to control.''

John M. Pieper stood before 1,000 anxious law- school graduates the other day and reflected on the ordeal he had subjected them to. For eight weeks he had told them everything they needed to know about pleadings, bailments and 31 other subjects covered on the New York State bar examination. Now, it was up to them. ''I'll say a prayer for you on Tuesday,'' he said, referring to July 24, the day this year's exam is to be given. ''Study hard, and when it gets difficult, think of the ones who have loved you and supported you, and work a little harder for them. I thank you. God bless you.''

A front-page caption on July 6 incorrectly described a picture of soldiers on parade in La Paz, Bolivia. They were escorting Venezuelan officials to a statue of Simon Bolivar for a traditional celebration of Venezuela's independence day.

The United States Government guaranteed $425 million of loans to help Iraq build an oil pipeline through Jordan only after Iraq revised the proposal to include large quantities of American steel pipe, according to Reagan Administration officials. The Export-Import Bank was initially opposed to giving financial guarantees for the pipeline because it believed that the Iran-Iraq war posed excessive financial risks, the officials said. Those reservations were overcome when Iraq agreed to order about $100 million worth of American steel pipe, which was not part of the original proposal, Administration officials said. The episode shows the role that steel politics is playing this election year. ''You can bet this order is going to be played hard up and down the steel country,'' one Reagan official said.

MONDAY, JULY 16, 1984 The Economy The Federal Open Market Committee meets today and Tuesday, and committee members and monetary experts appear ambivalent on the direction it will set. Some analysts believe the Fed will encourage no more than a fractional increase in interest rates, at least through the summer. Some doubt the Fed will even go that far. (Page D1.) The Treasury, citing the need for cash, will increase its weekly bill auctions today. (D7.)