the federal reserve reiterated its view that it will “soon” be time to raise interest rates to counter high inflation amid a buoyant us job market “with inflation well above the fomc’s longerrun objective and a strong labor market the committee expects it will soon be appropriate to raise the target range for the federal funds rate” the us central bank said in its semiannual report to congress referring to the policysetting federal open market committee the report was released friday ahead of testimony to lawmakers next week by chair jerome powell