Jerome Powell worried the Federal Reserve’s bond purchases were distorting markets and encouraged his central-bank colleagues in early 2013 to signal plans to wrap up the stimulus campaign, according to transcripts of policy meetings released Friday.

Mr. Powell, who became Fed chairman a year ago, joined the central bank as a governor in 2012. He voted with other officials in September 2012 for the central bank to start buying $85 billion in bonds in an open-ended program.