Business and Finance
RETAILERS POSTED moderate to sharp gains in their sales for the Christmas season and generally avoided the ruinous markdowns that depleted profits in recent years. But many retailers remain cautious about their industry's outlook in the wake of recent corporate layoffs and continued uncertainty about the economy.</br></br>Many analysts are lowering their ratings on retailing stocks even though consumer confidence is rising and the results of retailers are continuing to meet or exceed expectations.</br></br>---</br></br>Fed policy makers agreed tentatively in November to lower their targets for money-supply growth in 1993 to avoid a pickup in inflation if the economic recovery gains momentum. The Fed hasn't indicated any change in policy since the officials again met behind closed doors last week.</br></br>---