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--
_________________________
Cy Shuster, RPT
www.shusterpiano.com
Albuquerque, New Mexico
Assistant Director, PTG Denver 2015 Technical Institute
http://convention.ptg.org