I think the hesitation was there was a minor economic slowdown around that time and inflation was still flat, so it is unclear raising rates would have been the

I think the hesitation was there was a minor economic slowdown around that time and inflation was still flat, so it is unclear raising rates would have been the right call. Its easy to see there is a problem now, but I don't believe anyone knows what amount was caused by the pandemic. Despite gripes everywhere, I actually think Fed policy has been very reasonable given the circumstances. If not for the pandemic, steady rate hikes were already happening and set to continue.