Under relentless public pressure from President Donald Trump, who alternatively pleads with, admonishes or insults him, Fed Chair Jerome Powell said “moderate” policy moves such as Wednesday’s interest rate cut should be sufficient to sustain the U.S. expansion. The Fed reduced its benchmark rate by a quarter percentage point to a range of 1.75% to 2%. Trump quickly took to Twitter to berate Powell and his colleagues anyway, saying it wasn’t enough. —David E. Rovella

Here are today’s top stories

Wall Street welcomed the unsurprising decision, but the bigger news was in money markets. While Powell sought to downplay this week’s liquidity squeeze, of a kind not seen since the Great Recession, others weren’t so sanguine. A third round of repurchases was planned for Thursday.

Brexit from afar is looking like a disaster about to happen. One European official compared it with two cars playing a game of chicken. That sort of thing can end badly.

Saudi Arabia, touting pieces of drone wreckage, claimed attacks on its oil infrastructure were sponsored by Iran, but stopped short of saying the strikes were launched from Iran. Iran denies it played any role.

California Governor Gavin Newsom signed a sweeping new law that could force gig economy companies like Uber and Lyft to reclassify their workers as employees. But for their armies of lobbyists, the fight is just beginning. 

Kuala Lumpur was ranked among the world’s most polluted cities. It’s thanks in part to ash and smoke drifting in from burning forests and plantations in neighboring Indonesia. 

Remember Emmitt Smith, the famous running back for the Dallas Cowboys? He has some travel advice for you.

What’s Joe Weisenthal thinking about? The Bloomberg news director is opining on the growing level of skepticism facing monetary policy, with increasing calls for governments to engage in expansionary fiscal policy. This shift was demonstrated last month when Larry Summers went on a tweet storm about the limits of central banking. Joe says it’s worth reading a recent article by the Dutch economist Servaas Storm, examining Summers’ about-face. Storm argues that the impotence of monetary policy goes back years.

What you’ll need to know tomorrow

• How Vietnam became a victim of its own success.
• Israel heads into the unknown as Netanyahu’s gambit fails.
• Now Canada is reporting a vaping-related illness, too.
• A billionaire Trump fan and his daughter are trying to remake Seattle.
• Trump can’t sue New York over its new tax return law.
• Want to donate to a presidential candidate? Just ask Alexa.
• Critics are challenging the health benefits of meat alternatives.

What you’ll want to read in Bloomberg Pursuits

Maybe the Best Sausages You’ll Ever Have

Steaks and chops are the heroes of the butcher shop, but why not sausages? Surely elevating humble ground meat with spices is a more ambitious endeavor. Here are three companies lifting their links to the sky.

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