July 26, 1984

''Some men came around the house one day asking for my uncle.

An article in Sports Pages yesterday about a wide receiver for the New York Jets misidentified him. He is Bobby Humphery.

The chairman of the Federal Reserve Board said today that the nation's central bank, at its policy meeting last week, decided not to tighten its monetary policy, a move that was welcomed by Wall Street and could mean that interest rates will hold steady, instead of rising, for the next several months. Testifying before the Senate Banking Committee, Paul A. Volcker, the Fed chairman, would not predict whether interest rates will fall later this year, although he said he expects the current rapid pace of expansion to slow down in the last half of the year. If the economy continues to grow rapidly, he said that rates could rise. Investors responded positively to Mr. Volcker's statements. Note and bond prices rose and interest rates showed a sharp decline on the news, and the reaction spilled over to the corporate and tax-exempt markets. (Page D16.)

Even though President Reagan appeared to deny Tuesday night that he would raise taxes next year, the chief Republican voice on tax legislation said today that Mr. Reagan had clearly left open the possibility of a revenue increase after the November election. ''He was being responsible,'' said Senator Bob Dole, the Kansas Republican who heads the Finance Committee. ''He didn't close the door on something happening.'' Mr. Dole was referring to the answer Mr. Reagan gave Tuesday night when asked at a televised news conference whether he would ''flatly rule out the possibility of seeking a tax increase next year'' if he were re-elected.

The Administration said today that as part of its policy of improving relations with the Soviet Union, President Reagan had ended the ban on Soviet commercial fishing in American waters. The fishing embargo was imposed by President Carter in January 1980 in response to the Soviet military intervention in Afghanistan in December 1979. Most of the sanctions imposed then have since been lifted, although Moscow still has about 100,000 troops in Afghanistan. In another development, Administration officials said a consensus seemed to be developing within the Government to restore Poland's normal tariff privileges, known as most- favored-nation treatment, as part of a relaxing of sanctions in response to the amnesty law of last Saturday.