The Federal Reserve needs to raise interest rates “in a timely fashion” this year and in 2023 to curb high inflation before it is embedded in U.S. psychology and becomes even harder to get rid of, Chicago Fed President Charles Evans said on Thursday. But Evans also said the U.S. central bank should tread carefully as it tightens monetary policy in the face of price pressures that have pushed inflation to a 40-year high. “I just think that we want to be careful” not to raise interest rates too abruptly, and instead take the time to assess whether supply chains are improving and how the war in Ukraine is affecting the economy, he told the Detroit Regional Chamber. Evans spoke a few days after Fed Chair Jerome Powell said there was nothing that would necessarily stop the Fed from raising interest rates by 50 basis points at its next meeting, …