WASHINGTON – Members of the Federal Reserve agreed last month that they would likely start reducing their bond purchases in coming months if the job market improved further. They also weighed the possibility of slowing the purchases even without clear evidence of a strengthening job market.

The Fed’s bond purchases have been intended to keep long-term borrowing rates low to spur spending and growth.

The minutes of the Oct. 29-30 meeting, released Wednesday, also show that members wrestled with how to assure investors that even after they cut back on the $85 billion a month in bond buys, the Fed still intends to keep its key short-term rate near record lows.

At the meeting, members made no changes in interest rate policy. But many wanted to better communicate to the public its plans for both slowing its bond purchases and keeping borrowing rates low to encourage spending. The discussion suggests some members were worried that investors could mistakenly assume a slowdown in bond purchases, which have kept long-term rates low, will be followed by an increase in short-term interest rates.

Some Fed officials want to hold their benchmark short-term rate near zero even after unemployment falls below 6.5 percent. And some suggested that even after the first rate increase, the Fed could assure the public that rates would remain low because economic headwinds were likely to diminish only slowly.

Stocks fell Wednesday after the minutes indicated the Fed might be closer to scaling back its stimulus. The Dow Jones industrial average closed down 66 points.