Persistent Inflation Puts Yellen in the Spotlight

WASHINGTON — At her confirmation hearing in early 2021, Treasury Secretary Janet L. Yellen told lawmakers that it was time to “act big” on a pandemic relief package, playing down concerns about deficits at a time of perpetually low interest rates and warning that inaction could mean widespread economic “scarring.”

A year and a half later, prices are soaring and interest rates are marching higher. As a result, Ms. Yellen’s role in…