Federal Reserve Bank of Chicago President Charles Evans on Wednesday said “extremely” high inflation poses “quite a risk” to economic growth, and the U.S. central bank needs to start raising rates to address it. “We are going to get going,” on raising rates over the next several meetings, going carefully at first, but raising them faster if the inflation outlook worsens, Evans told the Lake Forest-Lake Bluff Rotary Club Foundation. The Fed will also likely start reducing its balance sheet by the middle of this year, he said. Even as the Fed withdraws support, inflation likely won’t come down quickly, Evans said, remaining above 3 percent this year, falling closer to 2.5 percent next year and taking until 2024 to get down to the Fed’s 2 percent target. Despite the rising rates, he said, the labor market is strong enough now that it will likely remain vibrant. Earlier Wednesday Fed …