The Fed’s Foot-Dragging Is Making the Last Mile Harder

Why the delay? One reason is that monthly inflation reports for January and February showed a slower pace of moderation than in the previous six months. But the latest data don’t entirely explain the reluctance to cut. After all, Fed Chair Jerome Powell made it clear at the end of January—before those reports were released—that March would probably be too soon for the central bank’s rate-setting Federal Open Market Committee to begin easing.