May 4, 2005

EVEN when it's turned off, the cool cellphone of the moment -- the slender, silver Moto Razr by Motorola -- makes a statement: it knows what it is. The Razr has a collection of nice features like a sizable screen, a decent camera, good battery life and Bluetooth for cordlessly communicating with a personal computer or a headset. Yet the Razr is largely defined by what it is not. It stands apart from the industry drift toward making the cellphone into a digital Swiss Army knife, a supermarket of technology squeezed into a palm-size device that includes a typewriter's worth of keys, and enough storage and software to accommodate everything from family photo albums to corporate presentations.

Federal Reserve raises its benchmark short-term interest rate by quarter-point, to 3 percent, and signals that it is more concerned about rising prices than about slower growth; muddles its message for nearly two hours by inadvertently omitting crucial sentence from its original statement noting that it believes inflation expectations are still 'well contained'; omitting phrase, which has been standard in Fed statements in recent months, initially suggests to Fed watchers that officials might be more worried about return of self-perpetuating inflationary psychology of 1970's and 1980's; about five minutes before stock markets close at 4 pm, central bank announces it made mistake and issues new statement that includes traditional reassurance about 'well-contained expectations'; acknowledges that sharp rise in oil prices has taken toll on economy, but cites continued rise in employment, trend that reduces pressure to spur consumer spending with low borrowing costs; graph (M)

THE very first entry in the spiral notebook reserved for visitors' comments on the photographic exhibit at the Franklin D. Roosevelt Presidential Library and Museum seems to throw down a challenge. ''You should bring President Bush here,'' it reads.

Fidelity Investments gives clearest sign yet that administration of 401(k) plans and other benefits programs will be increasingly important business for it by appointing Abigail P Johnson as president of Fidelity Employer Services Co; Johnson is daughter of Fidelity's chairman and chief executive Edward C Johnson 3d and has long been viewed as heir apparent; Fidelity Investor editor James Lowell says Edward Johnson put his daughter in charge of area he sees leading to company's future; unit that Johnson will lead already employs 10,000 and provides services for more than 14,000 corporations that combine administer retirement programs for 19 million people; photo (M)

The Indiana Pacers' season was nearly destroyed by disappearing bodies. But now, at this late hour, it may finally be restored, and perhaps even extended, by the unexpected return of those missing parts. Ron Artest's suspension remains in effect, but league edicts cannot stop the Pacers' methodical healing process. Jamaal Tinsley, out for almost three months because of an injured foot, made a surprise return Tuesday night, restoring the Pacers' balance and giving them a foothold in their first-round playoff series with the Boston Celtics.