Fed's Powell Cautious on Rate Cuts Despite Easing Inflation, Cites Need for More Data

Fed Chair Powell says it's too soon to say if recent inflation readings are more than a bump; wants to see more data before rate cuts
Inflation has fallen from 9.1% peak but remains above 2% target; Fed left rates unchanged at last meeting
Powell says cutting rates too soon could lead to reversal in inflation progress, but waiting too long could weaken economy
February job gains exceeded expectations, but still marked decline from January; other economic indicators mixed
Powell reiterates Fed's commitment to return inflation to 2% target through ongoing strong action as needed