Treasury Secretary Janet Yellen's "mystery” may be moving toward resolution.
When she led the Federal Reserve, Yellen puzzled over inflation’s failure to fire despite low unemployment, years of shallow interest rates and several rounds of quantitative easing.
Claudio Borio, a top official at the Bank for International Settlements, likened the situation to peering through a looking glass: Central banks that once strove to quash inflation subsequently found themselves trying to lift it. Both he and Mark Carney, then governor of the Bank of England, also spent some time sleuthing.