In effect, if you believed that the interest rate target was set correctly a couple of months ago, as Fed officials did, it is hard to believe that is still the case given the combination of falling longer-term interest rates, inflation expectations and softer growth in job creation and wages.

The consensus view of savvy Fed watchers is that the central bank won’t actually make a major reversal in policy this week, but will signal openness to doing so at future meetings. And Jerome Powell, the Fed chairman, and his colleagues may first want more information — particularly from a potential meeting between the presidents of China and the United States at the G20 summit later in the month, which could calm trade tensions.

But the nature of economic policy is that you’re always making it in a fog. And there is cost to waiting, too — a message that the Fed just isn’t too concerned by the signs of an economic slump that are evident in markets and some economic data, like recent surveys of factory activity and the most recent employment report.

You don’t have to be a psychologist to think that some Fed officials may be reluctant to cut rates because it would either look as if they were concluding that President Trump was correct in his attacks on their interest rate increase in December or bending to his demands for rate cuts.

Mr. Powell has told colleagues they need to ensure they don’t make bad policy just to try to prove their political independence — that they need to make the same decisions they would make absent presidential pressure. The coming meeting will be a test of that resolve.

There are solid arguments against cutting rates just now, involving financial stability. In particular, if the Fed reacts too quickly to the tribulations of financial markets, it could encourage excessive risk-taking in ways that could ultimately fuel a boom and bust.

On the other hand, if Fed officials refrain from cutting rates this summer and the economy falters, they are almost certainly likely to end up with even lower rates for longer in trying to repair the damage. If you believe low rates inevitably fuel financial excess, a small rate cut now may be better than big rate cuts later.