take away the punch bowl

To raise interest rates when the economy reaches a certain point of recovery after a recession, typically in order to prevent inflation. The phrase is attributed to William McChesney Martin, who, as Chairman of the US Federal Reserve, said that it "is in the position of the chaperone who has ordered the punch bowl removed just when the party was really warming up." Economic growth has slowed sooner than expected, leading many to wonder whether the Fed should hold off on taking away the punch bowl.