Good troubleshooting! Try some baby powder. Push the pedal down to raise the rod, and put it on the rod above the felt bushing (where it squeaks).

Don't use anything oily or greasy; it will just attract dirt, and cause things to wear out faster.

Cy Shuster, RPT
Albuquerque, New Mexico

Registered Piano Technician
Dampp-Chaser Certified Installer
PianoDisc Certified Service Technician