The answer you did not want still deserves to be understood accurately.

Bad news tends to arrive and then get remembered wrongly. The moment the shape of the answer becomes clear, attention goes inward to manage the disappointment, and the qualifications get lost: not this quarter, not at this price, not without another approval. What remains is a flat refusal, which is often harsher and less useful than what was actually said.

Before you leave the conversation, say the answer back in your own words and ask whether that is right. Find out what would have to be different for it to change. You can absorb the disappointment afterward; the accurate version is only available while they are still in the room.