Federal Reserve system policy makers voted at their regulated meeting last month to keep money market conditions unchanged in June and July, with the weekly average interest rate on Federal funds at about 5 3/8 per cent.

Regular release yesterday of summary of the Federal Open Market Committee session of June 21 indicated that the Fed expected fairly rapid growth in the economy "for a number of quarters ahead" but less rapid than the rate in the current quarter.

The committee voted to allow the regular money supply (M-1) to grow in an annual range of 2.5 to 6.5 per cent in the June-July period, and in a 6 to 10 per cent range for a broader definition of money supply (M-2) M-1 is the total of checking accounts and currency in circulation M-2 includes savings deposits in commercial banks.

Although these ranges are more generous than the comparable targets of 0 to 4 per cent and 3.5 to 7 per cent set at the May meeting for May-June market observes do not anticipate any easing of Fed policy.

In the past four weeks, M-1 has increased at a 9.1 per cent rate, while M-2 has moved up 11.6 per cent. Some analysts think that the open market committee may have move toward a more restrictive policy at the July meeting held last Tuesday, results of which will not be known until next month.