 Ken Kuttner is a professor of economics at Williams College. He says the Fed was caught by surprise when inflation took off a couple years ago, and it was slow to raise rates. They were definitely behind the, way behind the curve for, I would say, for the better part of a year. And that experience could make the Fed wary of cutting rates until it is extra, extra confident that inflation is under control. Kuttner says a couple more months of good data leading up to the Fed's September meeting could do the trick.