Fed Sees 'Bumpy' but Promising Signs of Cooling Inflation, Rate Cuts Not Imminent

New inflation data shows slight cooling in February, though less of a cooling than last year
Powell says inflation is on a "bumpy path" down and new data is "along the lines of what we want to see"
Fed won't overreact to a couple months of higher inflation data; base case still expects inflation to drop
Powell notes job market and economy are strong, so Fed "doesn't need to be in a hurry to cut" rates
Some Fed officials cautioning against rate cuts too soon, want more confidence inflation falling to 2% target