Why central banks that are dawdling on rate hikes have missed the cycle

Central bankers face a choice about whether to proceed with increases after a short delay and risk harming their economies or pause for a more prolonged period

If you haven't started raising interest rates in earnest already, forget it.

Central banks that have dawdled have missed the cycle. Growth seems to have peaked, and markets are signaling potential trouble. For those outside the US who tightened consistently, this is a prudent time to look around and reassess.

Nations that could reasonably have been expected to raise borrowing costs in the past week took a pass. South Korea and Indonesia fit that category.  

Comments after the deliberations could be read as meaning hikes are coming, but there was a case for proceeding now - and they didn't. They are hedging –