The Fed put off a decision on its junk bond rule.

The nation’s central bank, embroiled in an argument with the Reagan Administration over its efforts to slow a stampede of corporate takeovers, said it was delaying for a week a final decision on a controversial rule. The Federal Reserve Board recently announced proposed restrictions on the use of high-risk, high-yield “junk bonds” in takeover financing. The rule would apply strict margin requirements to certain takeovers funded with junk bonds. The Fed said it will make a final decision on the proposal Jan. 8.