WASHINGTON—Economists have started to feel more uncomfortable that the Federal Reserve could be too complacent with its inflation forecast and end up tightening the monetary policy a bit too late to prevent harmful inflation. Some economists have been warning for months that excessive government spending to help the country recover from the pandemic-induced recession could overheat the economy and fuel inflation. Americans have started to see prices jump across a variety of products in recent weeks. And worldwide commodity shortages that have led to price hikes for many raw materials are the latest signs that inflation could be building rapidly. While Fed officials state that they retain sufficient tools to control inflation, prominent economists voice concerns that the central bank may end up waiting too long before taking action. There are many indicators that say the economy has picked up, but the policy hasn’t adjusted to that, according to Stanford University …