John C. Williams, the Federal Reserve Bank of New York President and vice chair of the rate-setting Federal Open Market Committee (FMOC), said that the central bank is approaching a decision on whether to raise its short-term interest rates from near zero. Williams said that the current signs of a strong labor market and rising inflation are prime factors on when to implement changes. “Given the clear signs of a very strong labor market, we are approaching a decision to get that process underway,” said Williams, regarding raising short-term borrowing costs. A further combination of strong demand for goods and supply bottlenecks have pushed inflation up to “considerably high” levels, he continued. “The next step in reducing monetary accommodation to the economy will be to gradually bring the target range for the federal funds rate from its current very-low level back to more normal levels,” said Williams, at a virtual event …