Some Fed officials argue that economy is improving fast enough to signal lower support

WASHINGTON – Some Federal Reserve officials think the economy is improving fast enough that the Fed will soon need to signal a change in the extraordinary support it's been providing the economy in the form of ultra-low interest rates.

Minutes of the Fed's discussion at its July 29-30 meeting show that some officials thought the economy was improving enough that the Fed would need "to call for a relatively prompt move" toward reducing the support it has been providing. Otherwise, they felt the Fed risked overshooting its targets for unemployment and inflation.

In the end, the Fed made no changes at the July meeting. It approved on a 9-1 vote keeping its current stance on interest rates. But the minutes indicated rising support for a change.