Same thing happened to me over my last 3 week cutting cycle. After most/all subcutaneous water retention was gone and glycogen levels fell to typical 70mmol/kg or thereabouts, I managed to further lose 1 inch in waist over the first two weeks. Much slower the third week.

From what I can tell this seems to be a true phenomenon across many different nutrition boards that I frequent.

Honestly, when I choose to drop bf again, I will probably run 2 week cutting cycles, with 1 week maintenance and higher cho levels in between. Something like an isocaloric or maybe 40/40/20 plan. Either that or implementing a simple cho load or refeed a la CKD would work as well as anything for me. The cho loads have given me solid real world results in the past. No trouble getting to the 12-14% bf range. I think it might even be easier to just take the week at maintenance.

-Cardinal