London (CNN Business) Happy Thursday. A version of this story first appeared in CNN Business' Before the Bell newsletter. Not a subscriber? You can sign up right here .

The Federal Reserve delivered an interest rate cut as expected on Wednesday. But investors looking for meaningful clues about the likelihood of future reductions were left disappointed.

Here's how Chairman Jerome Powell put it:

"There will come a time, I suspect, when we think we've done enough. But there may also come a time when the economy worsens and we would then have to cut more aggressively," he told reporters. "We don't know."

Talking points: The Fed chairman said he was concerned about uncertainty caused by the US-China trade war, which is making life difficult for manufacturers. But the American consumer is holding up just fine.

"It's an unusual situation," said Powell. "We're not on a pre-set course. We're going to be making decisions meeting by meeting as we see this and we'll try to be as transparent as we can as we go."

Global context: Wednesday's cut reduced the Fed's federal funds target range to between 1.75% and 2%. With many global central banks slashing rates because of concerns about sluggish economic growth, that kind of headroom is bound to inspire jealousy. The Fed still has much more room than most to go lower.

The Bank of Japan, which has already pushed its target rate for short-term bonds into negative territory, held rates steady on Thursday. The Swiss National Bank also left its key interest rate unchanged at -0.75%.

"In a race to the bottom, those who are already there have nowhere to run," said Societe Generale strategist Kit Juckes.

Up next: The Bank of England is expected to hold rates later on Thursday, given uncertainty about Brexit.

AT&T considers its options

AT&T T Big news:is considering selling DirecTV, according to the Wall Street Journal.

DirecTV has been losing subscribers as viewing shifts online. Elliott Management, an activist hedge fund, is pressing AT&T to evaluate a sale of the satellite TV provider.

AT&T, which owns CNN's parent company WarnerMedia, declined to comment on Wednesday. But the Journal said it's looking into "various options" for DirecTV including a spinoff. The telecommunications giant is also exploring the option of combining DirecTV's assets with rival Dish Network, according to the paper.

Activist demands: Elliott released a letter to AT&T's board last week in which it said that it has taken a 3.3% position in the company and wants to see changes. It specifically called out the DirecTV acquisition in the letter, saying the deal has had "damaging results."

"Unfortunately, it has become clear that AT&T acquired DirecTV at the absolute peak of the linear TV market," the letter stated.

Why it matters: AT&T CEO Randall Stephenson has aggressively diversified AT&T, snapping up media and entertainment assets in order to move the telecoms company beyond the wireless phone business.

DirecTV was a big part of that strategy. So was AT&T's purchase last year of Time Warner, which set off a huge antitrust battle with the US Department of Justice. AT&T prevailed in that fight, but now it has to prove to investors that it can make diversification work.

Warren Buffett loses his 'fireman'

Berkshire Hathaway BRKA Tracy Britt Cool is leavingto form her own investment group.

Hired at age 25 to be Warren Buffett's financial assistant, Britt Cool went on to become CEO of cookware maker Pampered Chef, a Berkshire subsidiary. The Harvard Business School graduate also serves on the board of Kraft Heinz.

What's next: Some Berkshire watchers had speculated that Britt Cool was being groomed for a leadership role at the company. But after a decade with the Oracle of Omaha, she's going her own way.

"I want to build a long-term platform and a long-term vehicle to acquire and build businesses," she told the Wall Street Journal . "There are companies that I think there's a lot of value in helping them get to the next level, but they're too small for Berkshire."

Buffett sent her off with a major endorsement:

"She was the fireman," he told the Journal. "Anything I've assigned her she's done a first-class job on."

Up next

The Bank of England will announce an interest rate decision.

Also today:

Darden Restaurants, which owns Olive Garden, reports earnings before the bell.

US existing home sales data for August will be published at 8:30 a.m. ET.

Coming Friday: Apple's iPhone 11 goes on sale in select countries