The Daily Money: Fed may hike interest rates again; More stores to close on Thanksgiving

While the Fed earlier this month held interest rates steady, there may be more hikes to come.

Advertisement Read in browser Read in browser The Daily Money ALL THE MONEY NEWS YOU NEED TO KNOW Fri Nov 10 2023 Bailey Schulz | Money Reporter @bailey_schulz Happy Friday! It's Bailey Schulz here with the day's top headlines.  Since March 2022, the Federal Reserve has increased its benchmark federal funds rate 11 times to a range of 5.25% to 5.5%, making it more difficult for consumers to borrow as rates on credit cards, adjustable-rate mortgages and other loans rise. While the Fed earlier this month decided to hold rates steady, there may still be more hikes to come.   Fed chair Jerome Powell on Thursday said the board sees no urgent need to raise rates further because inflation is easing, but he would not rule out another increase. "We are not confident" that the benchmark rate is sufficiently high to reduce inflation to 2%, the Fed's target, Powell said. "We know that ongoing progress toward our 2% goal is not assured. Inflation has given us a few head fakes along the way." Federal Reserve Board Chairman Jerome Powell testifies before a House Financial Services Committee hearing on the Federal Reserve's Semi-Annual Monetary Policy Report, on Capitol Hill in Washington, DC, on June 21, 2023. Stefani Reynolds, AFP via Getty Images More stores to close on Thanksgiving this year More retailers are announcing closures on Thanksgiving Day, a nod to a change in consumer habits.  Best Buy, J.C. Penney, Kohl's, and Walmart have pledged to remain closed this year on Thanksgiving Day. All four of those retailers were open on Thanksgiving Day in 2019, but the COVID-19 pandemic in 2020 caused retailers to close on Thanksgiving.   Simon Properties, one of the nation's largest mall operators, and several grocery stores also plan to close their malls on Thanksgiving Day.  When the vast majority of sales were made in-person at physical stores, retailers "kept trying to one-up each other" by running their sales on Thanksgiving day, according to Mathew Isaac, chair of the marketing department at the Seattle University Albers School of Business and Economics.  But that's no longer the case, now that we're seeing retailers focus on both online and in-store sales and start their holiday sales as early as October.  "It is no longer crucial for them to focus so much on any one particular day since the start of the holiday shopping season is much more fluid than it used to be previously. Even the line between Black Friday and Cyber Monday has blurred,"  Isaac said.  📰 More stories you shouldn't miss 📰 Personal attacks and death threats: Inside the fight to shape opinion about the Gaza war Aldi can be a saver's paradise: Here's how to make the most of deals in every aisle Some VA home loans offer zero down payment. Why don't more veterans know about them? Las Vegas Sphere reveals nearly $100 million loss in latest quarter soon after CFO resigns 🍔 Today's Menu 🍔 Krispy Kreme is giving out free donuts on Monday to celebrate World Kindness Day.  The first 500 people to visit participating Krispy Kreme locations on Nov. 13 will receive a dozen free original glazed donuts to inspire and enable kindness to others. The giveaway comes as the donut company says it's in advanced talks to expand its partnership with McDonald's. Krispy Kreme is learning how to stock fast-food restaurants with fresh doughnuts the same way it does shelves and kiosks in grocery stores, convenience stores and gas stations. "While nothing has been finalized, we are excited about our continued partnership with McDonald's, and we are in advanced discussions about expanding the relationship," said Charlesworth, who will take over as Krispy Kreme CEO on Jan. 1. About The Daily Money Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TLDR version: how decisions by the Federal Reserve, government and companies impact you. Fed chief Jerome Powell: more interest rate hikes still possible More interest rate hikes are still possible, Fed chair Jerome Powell said in a speech Thursday, after climate protesters briefly interrupted him. READ MORE Advertisement More stores won't be open on Thanksgiving. Here's why. Unlike a few years ago when shoppers had to leave Thanksgiving dinner early to get to the stores, more stores are opting to stay closed this year. READ MORE Grieving over Gaza: As war rages, tensions flare on social media They shared Palestinian recipes and Yiddish sayings. Then war broke out. How Jews and Muslims are using their voices in the Israel-Hamas conflict. READ MORE How to score grocery deals at Aldi and 'Aisle of Shame' Aldi has loyal fans who like to share how they've saved on deals. Here's some tips before you go. READ MORE Video chat service Omegle shuts down amid scrutiny The video chat service that randomly paired strangers gained a reputation as a realm for sexual predators. READ MORE VA benefits: zero down payment home loans, no PMI The ability to purchase a home without the burden of a down payment and attractive interest rates can be a game changer in today's real estate market. READ MORE Las Vegas Sphere CFO quits as venue reports nearly $100 million loss The MSG Sphere reported losing $98.4 million for the financial quarter ending on Sept 30, a day after the venue first opened on Las Vegas Strip. READ MORE Krispy Kreme will give out free donut dozens on Nov. 13 as an act of kindness Krispy Kreme will celebrate World Kindness Day on Monday, Nov. 13 by giving out free donut dozens to the first 500 people to walk into a participating U.S. store. No purchase necessary. READ MORE Krispy Kreme may sweeten McDonald's doughnut partnership It's the kind of sweet news that doughnut lovers savor: Krispy Kreme may expand its partnership with McDonald's. READ MORE Reese's new Caramel Big Cup: When you can find it on the candy aisle The Hershey Company announced Thursday they are introducing the Reese's Caramel Big Cup. Here's what you need to know. READ MORE Advertisement Sign up for the news you want Exclusive newsletters are part of your subscription, don't miss out! 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