WASHINGTON—Federal Reserve officials at their meeting last month signaled they could raise interest rates over the next year to a level that no longer seeks to stimulate growth, formally ending a long postcrisis chapter in which the central bank unleashed unprecedented stimulus campaigns.
In a sign of the economy’s shifting fortunes, officials intensified their discussions over how to manage rates if growth accelerates so rapidly that bubbles or unsustainable price pressures emerge, according to the minutes of the Fed’s June...