Federal Reserve officials came closer to agreement on an exit strategy from aggressive stimulus, while raising the possibility that it might occur sooner than anticipated, according to minutes of their July meeting.

"Many participants noted that if convergence toward the committee's objectives occurred more quickly than expected, it might become appropriate to begin removing monetary policy accommodation sooner than they currently anticipated," the minutes said.

Fed Chair Janet Yellen has committed monetary policy to stronger labor markets, which she measures with an array of indicators, so long as inflation remains in check. The minutes said "many participants" still see "a larger gap between current labor market conditions and those consistent with their assessments of normal levels of labor utilization."