Some members of the Federal Reserve's Open Market Committee want to make a "relatively prompt" rate hike based on the economy's progress, according to the minutes of the committee's last meeting.
But the minutes, released Wednesday, also showed that most members agreed more data was needed to move up the schedule of rate hikes.
"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 stated.
"Indeed, some participants viewed the actual and expected progress toward the Committee's goals as sufficient to call for a relatively prompt move toward reducing policy accommodation to avoid overshooting the Committee's unemployment and inflation objectives over the medium term."
Fed minutes, while not normally a market mover, put a mild jolt into trading action among those who fear an accelerated pace of rate increases. Stocks briefly surrendered gains after the release but turned back positive. However, rates moved higher, particularly the five-year Treasury note, which was up 5 basis points for the session.
"This communication is a real action," Jacob Frankel, chairman of JPMorgan Chase International, told CNBC. "The very fact that you feel something has changed, the mood has changed, labor market seems to get closer to normal, that's a very important message that gives a clue about where they are going to go and how fast."