In the rapidly evolving outlook for interest rates, some things are still sacrosanct. The pace of price increases has slowed significantly, and the argument is now how much — rather than when — borrowing costs will be lowered this year. Traders have latched on to the idea that relief will come by March, and some economists even flag a period of below-target inflation. The folks actually making the decisions sound unconvinced, and have fallen back on two lines of defense that can use a rigorous stress test.

Despite bets they will capitulate within months, officials cling to a couple of well-worn phrases: the last mile of the inflation fight is the hardest, and the very worst thing would be to declare victory. The assertions are related. They translate to “Don't push us, the spike of 2021 and 2022 remains too raw.” Christine Lagarde, president of the European Central Bank, chided traders last week and warned that speculation about cuts is unhelpful to policy deliberations. It's almost as if raising the issue is a punishable offense.