Inflationary pressures are very weak. Y-o-Y February CPI is 1.5%, with core CPI at 2.1%, both down from January. February producer price inflation was 1.9%, also down from January. Meanwhile, the Fed’s favorite inflation measure was 1.4% in January, the lowest rate since 9/16, while core was just 1.8%, an 11-month low. Add slowing growth and taming inflation expectations and the Fed can probably keep rates where they are indefinitely.