 6.40, Money News at 10 and 40 past the hour, brought to you by PenFed, great rates for everyone. Federal Reserve Chair Jerome Powell says an interest rate cut doesn't have to wait for inflation to fall to 2%. He says at that point, the central bank probably waited too long. Instead, they're basing decisions on indications that the rate of inflation is headed in that 2% direction. It's not clear when the Fed might start cutting rates, but the next policy meeting is at the end of this month.