The central bank is likely to keep interest rates steady at its meeting today. True, the inflation rate has fallen and the rupiah has strengthened recently. But that rally, shared by many other emerging-market currencies, stems more from the receding prospect of an American rate increase than from confidence in Indonesia’s economy. Not since 2009 has it grown so slowly. Consumer confidence is down, unemployment looks set to soar and the popularity ratings of the president, Joko Widodo, are plummeting. Over the past six weeks Indonesia’s government has rolled out policies to shore up the rupiah, reduce energy prices for businesses and hack away at the miles of red tape that bureaucrats have used to mummify the country’s private sector. Markets were unimpressed: the president’s stimulus measures appear more a scattershot collection of nice ideas than a coherent policy. If he wants to change investors’ minds, he must be bolder.