Top U.S. central bankers say the nation’s labor market is improving faster than expected, but the Federal Reserve is still not convinced it’s strong enough to alter interest rates anytime soon, according to minutes of the bank’s last big meeting in late July. And in an important step, the Fed has agreed to use interest rates on excess reserves as its main tool to set the federal funds rate in the future. Senior Fed officials appeared more divided on how rapidly the U.S. labor market is improving at the July 29-30 meeting of the Federal Open Market Committee. The U.S. posted its best six-month stretch of hiring in the ... (full story)