Good Thursday morning. Just in: The London Stock Exchange Group agreed to buy Refinitiv, the former financial division of Thomson Reuters, for $27 billion. More below. (Was this email forwarded to you? Sign up here.)

Jay Powell disappointed the markets and Trump

The Federal Reserve finally made its long-awaited move to cut interest rates. But stock investors, President Trump and even some Fed governors were left unhappy, Jeanna Smialek of the NYT reports.

The Fed cut its benchmark rate by a quarter of a percentage point yesterday, matching analyst expectations. Jay Powell, the Fed chairman, cited slowing global economic growth and the uncertainty wrought by Mr. Trump’s trade war with China. He also announced another move to bolster growth: an early end to the central bank’s effort to shrink its balance sheet.

But Mr. Powell made clear that this was an intentionally small step. He said the move was “not the beginning of a long series of rate cuts,” disappointing those who either wanted a bigger rate cut or the hint of future reductions this year.