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Opposition continued to mount yesterday to any tightening of credit conditions by the Federal Reserve as its policymaking group, the Federal Open Market Cbmmittee, began a two-day session to consider just that.</br></br>When reports were published last week quoting .Federal Reserve officials saying that the FOMC would decide at this meeting to tighten its monetary policy, the White House announced its opposition, particularly to airy increase in the FedÛªs 8 % percent discount rateÛÓthe interest that the central bank charges on loans to financial institutions.</br></br>In those reports, the Fed sources indicated that a discount rate increase likely would be one of the steps taken soon, if not initially.</br></br>Deputy White-House Press Secretary Larry Speakes reiterated that opposition yesterday, declaring, ÛÏWe-do not want any interest rate increase.Û Asked whether his comments could be taken as an instruction, to the Fed, Speakes said,, ÛÏNo, that is a viewpoint. The Fed is independent, and we respect its independence.Û</br></br>After a Republican congressional leadership meeting at the White House, Sen. Charles Percy, (R-Ill.) said Congress also strongly opposes higher rates and will make that clear to Federal Reserve Board Chairman Paul A. Volcker at his confirmation hearing Thursday.