Updated from 2:33 pm to add new text after the third paragraph.
WASHINGTON (AP) -- Some Federal Reserve officials say 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.
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Still, the minutes revealed a sharp and perhaps intensifying debate within the Fed about how and when to scale back its help for a steadily improving economy.
Those who think the Fed should withdraw its support only slowly cited persistent drags on the job market despite solid hiring and a steady drop in the unemployment rate: High levels of people who have been unemployed for more than six months; many people who are working part time even though they want full-time jobs; and chronically weak pay growth.
In addition, the minutes showed that the Fed debated how to unwind the bond purchases it has made over the past six years to keep long-term rates low. Many decisions, such as how and when to start reducing its enormous investment portfolio -- amounting to nearly $4.5 trillion -- remain unsettled. The minutes showed that Fed officials expect to have more details on this process to announce before the end of this year.