Story of the Week

DoorDash to acquire Instacart for $17 billion

DoorDash will acquire Instacart for about $17 billion, the companies announced, uniting two delivery giants under one roof. DoorDash will pay $65 a share in cash and stock, an 11% premium to Instacart’s closing price, and about 26% above Instacart’s closing price on Oct. 22, the last trading day before reports surfaced of a possible sale. The deal is slated to close at the end of 2027 or early 2028, the companies said. DoorDash expects to retain Instacart’s brand, enterprise technology products and app once the deal closes. Speculation of a deal has swirled since The Information reported Instacart was exploring a sale and had held talks with companies including Uber and DoorDash. Acquiring Instacart would give DoorDash a bigger presence in online grocery delivery. DoorDash got its start in food delivery, and since then, it has added more retailers to its marketplace. Instacart, which went public in 2023, was one of the biggest beneficiaries of a pandemic-driven surge in grocery delivery services, but it has struggled to maintain that momentum.

Apparel & Footwear

Gildan Completes Sale of HanesBrands Australia

Gildan Activewear announced that it completed the previously announced sale of HanesBrands Australia to BBFIT Investments Pte Ltd, an associated entity of global private investment firm BB Retail Capital. The sale was for approximately A$700 million (approximately US$490 million), paid in cash at closing. HanesBrands Australia had been classified as held for sale and reported as discontinued operations in Gildan’s financial statements since the fourth quarter of 2025. Gildan intends to use the net proceeds to repay outstanding debt.

Roots Completes Go-Private Transaction, CEO Steps Down

Roots Corporation completed its previously announced go-private sale to Marquee Brands LLC, which partnered with JM&A Design and Development. Marquee paid C$4.10 (US$2.98) in cash per common share, for a purchase price of C$160.7 million (US$117 million). Meghan Roach, who had served as president and CEO since 2020, stepped down with the completion and will support the company in an advisory capacity. Roots’ shares are expected to be delisted from the Toronto Stock Exchange shortly.

VF Corp. Fiscal Q2 Results Top Guidance, Maintains FY Guide

VF Corp. reported fiscal second quarter results for the period ended September 26 that topped guidance, with currency-neutral sales up 1 percent excluding the divested Dickies business. Reported revenue fell 4 percent. The North Face and Timberland each grew 4 percent and Altra surged more than 40 percent, while Vans declined 10 percent, though its global DTC returned to growth. Operating income was $368 million, a 13.7 percent margin and up 250 basis points, and net debt fell $1.1 billion. VF reaffirmed rather than raised its full-year guidance of revenue growth of 2 percent or better and an adjusted operating margin of approximately 8 percent.

Crocs Inc. Lifts Outlook with Crocs Brand Q3 Revenues Up and HeyDude Returning to Growth

Crocs, Inc. raised its full-year outlook after third-quarter results that topped guidance. Consolidated revenues rose 4.6 percent to $1.04 billion, against guidance of flat, and adjusted diluted EPS rose 26.4 percent to $3.69, versus guidance of $3.20 to $3.30. The Crocs brand grew 4.4 percent to $873 million, led by 11.8 percent international growth as North America slipped 2.1 percent, while HeyDude grew 6.1 percent to $170 million, its first growth in six quarters. Crocs now expects 2026 revenue up approximately 3 percent, from a prior 1 to 2 percent, and adjusted EPS of $14.45 to $14.65, from $13.70 to $14.00.

Boot Barn Cuts FY Outlook Despite Fiscal Q2 Gains

Boot Barn lowered its fiscal 2027 outlook even though fiscal second-quarter earnings beat guidance. Net sales rose 15.1 percent to $581.8 million, same-store sales rose 1.4 percent, and diluted EPS rose 26.3 percent to $1.73, against guidance of $1.55 to $1.65. The company opened 19 new stores in the quarter, ending with 584. For the full year it now expects diluted EPS of $8.72 to $9.00, down from $8.80 to $9.23, and sales of $2.565 billion to $2.593 billion, down from $2.580 billion to $2.625 billion. Same-store sales growth is now guided to 0.8 to 2.0 percent, down from 2.0 to 4.0 percent.

Cosmetics & Pharmacy

The Center Brands acquires Boscia

Beauty accelerator The Center Brands has acquired skincare brand Boscia from Japanese cosmetics company FANCL, in partnership with New Orleans dermatologist Dr. Mamina Turegano. Terms were not disclosed. FANCL launched Boscia in California in 2002, and the name blends botanical and science. The brand built a following for its Japanese-inspired formulas before winding down in 2024. The new owners plan a direct-to-consumer relaunch in the first quarter of 2027 that pairs Boscia’s Japanese skincare philosophy and rituals with modern dermatology and formulation science. The Center Brands was founded by Ben Bennett and builds and scales emerging beauty brands.

VMG Partners backs Miss A at $750 million valuation

VMG Partners has taken a minority stake in Miss A, a Dallas-based dollar beauty and lifestyle retailer, at a valuation of roughly $750 million. Miss A was founded in 2013 by Kenneth and Jean Baik and had been entirely self-funded, so this is its first outside investment. The company now operates about 100 U.S. stores, and its products are also sold at Dollar General and Popshelf. Miss A plans to use the capital for store expansion, hiring and upgrades to its supply chain and distribution centers. It is targeting 550 stores and $1 billion in annual sales by 2030, and the co-founders will continue to lead the business.

Paine Schwartz Partners invests in family vitamin brand First Day

Paine Schwartz Partners has completed a strategic investment in First Day, an Austin, Texas-based maker of vitamins and supplements for families, through its Food Chain Fund VI. Terms were not disclosed. Founded in 2019 by CEO Alice Li, who will continue to lead the company, First Day sells clean-label multivitamin, magnesium, tribiotic and brain-support products. It sells direct to consumers, on Amazon and in retail stores, and says it has sold more than half a billion gummies and serves more than one million families. The deal falls under Paine Schwartz’s health and wellness investment theme, alongside holdings such as Promix, Suja Life and BetterCo.

Lady Gaga takes over as CEO of Haus Labs

Lady Gaga has been named CEO of Haus Labs, the cosmetics brand she founded, taking over commercial leadership from co-founder Ben Jones, who left the company earlier in October. The brand launched seven years ago as Haus Laboratories. It was rebranded as Haus Labs by Lady Gaga in 2022 alongside a relaunch with Sephora that shifted the line toward clean, vegan formulas. Gaga has led the brand’s creative direction and product development since launch and will now also oversee its business operations.

Discounters & Department Stores

Dollar General sued by FTC over ‘deceptive pricing practices’

The Federal Trade Commission and 20 U.S. states are suing Dollar General, alleging the discount chain charges shoppers more at the register than the prices shown on shelf tags, in circulars and in advertisements. The complaint cites more than 29,000 price-honoring complaints received between January 2023 and the end of March 2026, and says undercover purchases by FTC investigators at stores in Ohio, Pennsylvania, Missouri and Maryland resulted in overcharges every time. The agency and states allege violations of the FTC Act, the Gramm-Leach-Bliley Act and state laws. Dollar General said it aims for complete pricing accuracy but that occasional discrepancies can occur, argued that the FTC’s monetary demand was far larger than any realistic assessment of pricing errors, and pledged to fight the suit. The case comes as Dollar General’s Q2 net sales rose 5.2% year over year to $11.3 billion, helped by higher-income shoppers increasingly visiting the chain.

Walmart Commits $6 Billion to Expand Symbotic Deal

Walmart has extended its agreement with AI robotics firm Symbotic, committing about $6 billion over several years to bring more automation to its distribution network. Under the agreement, Symbotic will add automation capabilities at 25 of Walmart’s regional distribution centers in the U.S. and support the retailer’s supply chain globally. Walmart said the deal is aimed at supporting upstream inventory management for e-commerce, increasing storage capacity and improving how products move through its supply chain, which it expects will allow it to offer customers a broader assortment, greater speed and more reliable replenishment across its network. Symbotic has been helping Walmart automate its supply chain since 2017.

Emerging Consumer Companies

Offe Market Raises $3 Million in Seed Round to Reimagine Off-Price Shopping

Offe Market, the online marketplace giving excess inventory from beloved brands a new life, announced a $3 million seed round, bringing its total funding to $4.3 million. Slauson & Co. led the round, with participation from InvestTN and Baukunst, which led the company’s pre-seed round. Additional investors include commerce angels Jill Fisher Bowen, Stephanie Kleinjan, and Ruffin Mitchener, creator and founder of Brydge Club. The funding will advance Offe Market’s commerce intelligence platform, focusing on AI-powered pricing, personalized discovery, and live commerce. Founded by retail veteran Rachel Gannon, Offe Market offers a curated, ever-changing assortment of fashion, beauty, and lifestyle brands at 30–80% off retail prices. The company has grown 2.5x year over year in revenue, shopper count, and order volume. Offe has worked with more than 200 brands, including consumer favorites Harper Wilde, OBEY, Rachel Antonoff, Wrangler, and Dolce Vita. Offe has also expanded into home and beauty, offering rugs, furniture, candles, and skincare from brands like Nopalera, P.F. Candle Co., Papier, Chillhouse Nails, and Wildflower Cases.

Ozlo, sleep earbud brand, raises $22 million

Ozlo, the sleep technology company behind Ozlo Sleepbuds®, announced it has raised $22 million in Series B funding led by Modi Ventures. Existing investors LifeArc, Artis Ventures, Resmed, Scrum Ventures, Drive by DraftKings, Wheelhouse 360, WISE Ventures, Niremia Collective, Accelerate Ventures, and World Solver Syndicate participated, along with NFL Super Bowl champion Nick Foles, Olympic snowboarder Danny Davis, Whole30 founder and New York Times bestselling author Melissa Urban, and high-performance psychologist, author, and podcast host Michael Gervais. The round size includes previously issued convertible instruments. It comes as Ozlo surpasses 260,000 customers in under two years, and fuels the company’s continued growth and expansion beyond Sleepbuds into new areas of sleep and nighttime health, including advancing the regulatory work required to submit a tinnitus product to the U.S. Food and Drug Administration (FDA) for review.

Food & Beverage

Umios to acquire High Liner Foods for C$804 million

Japanese seafood company Umios, formerly Maruha Nichiro, has agreed to acquire Nova Scotia-based frozen seafood maker High Liner Foods for C$27.00 per share in cash. The deal values High Liner’s equity at about C$804 million and its enterprise value at roughly C$1.25 billion, a 79% premium to its prior closing price. Umios is a long-standing supplier to High Liner. It plans to make the company the core of its North American business, keep its headquarters in Nova Scotia, and extend its pollock and surimi operations into value-added fillets and branded products such as High Liner, Sea Cuisine, Mrs. Paul’s and Van de Kamp’s. Thornridge Holdings, which owns about 41% of High Liner, has agreed to support the deal, which is expected to close in early 2027.

Zevia lands $20 million investment from GP Investments to fund turnaround

Zero-sugar soda brand Zevia has agreed to issue $20 million of convertible preferred stock to a fund managed by GP Investments. The proceeds will fund a strategic reset focused on product innovation, digital marketing and a hybrid go-to-market approach, including expansion into adjacent better-for-you beverage segments. The preferred shares carry a 6% dividend payable in kind, and GP Investments will name a director to Zevia’s board. The deal follows an activist shareholder’s earlier call for Zevia to pursue a sale. Zevia also said it now expects third-quarter net sales of about $48 million, ahead of prior guidance of $44 million to $46 million.

Commercial Bakeries acquires cracker maker Partners

Toronto-based Commercial Bakeries, a Graham Partners-backed producer of private-label and contract-manufactured cookies and crackers, has acquired Partners, a Tasteful Choice Company. Partners is a Des Moines, Washington-based maker of premium and better-for-you crackers. Terms were not disclosed. Partners was founded in 1992 by Marian Harris and is run by her children, Cara Figgins and Greg Maestretti. Its brands include Partners Artisan Gourmet, Wisecrackers and All-American Crackers. The deal is Commercial Bakeries’ third add-on since Graham Partners acquired it in 2023, following Imagine Baking in 2024 and Hollandia Bakeries in 2025.

Grocery & Restaurants

Jack Brown’s Beer & Burger Joint acquired by Green Shoot Brands

The 22-unit Jack Brown’s Beer & Burger Joint has a new owner. The Harrisonburg, Virginia-based chain has reportedly been acquired by Florida-based investment firm and franchise operator Green Shoot Brands, which has a portfolio of nine restaurant brands. According to its website, Green Shoot operates about 410 restaurants, including Little Caesars, Dave’s Hot Chicken, Nothing Bundt Cakes, PopUp Bagels and the GoTo Foods concepts Auntie Anne’s, Cinnabon, Jamba, and Carvel. The group was founded in 2019 with the acquisition of Fresh Dining Concepts, including the four GoTo Foods brands. In 2024, Green Shoot began diversifying after Mike Evans, a former IHOP and Pizza Hut franchisee, joined as CEO, adding more brands to the portfolio. Jack Brown’s was reportedly founded in 2009 by childhood best friends Mike Sabin and Aaron Ludwig, who debuted the smashburger-and-craft-beer concept in Harrisonburg. The chain has grown into Alabama, Tennessee, Georgia, and North Carolina.

Nelson Peltz and Greg Flynn make a $1.4B offer for Wendy’s

Nelson Peltz’s off-again, on-again consideration of a Wendy’s take-private deal is apparently on again. Trian Fund Management, the activist investor’s hedge fund, has made a $1.4 billion offer for the struggling fast-food chain, according to a regulatory filing, or $7.35 per share. Mega-franchisee Flynn Group is working with Peltz on the deal, as are investment firms BlueFive Capital and Sixth Street Partners. Wendy’s in a statement said that it has formed a committee featuring board members who are not affiliated with Trian to evaluate the proposal. As much as anything, the offer demonstrates just how far Wendy’s has fallen over the past couple of years. While the acquisition price represents a 20% premium off the company’s closing price, it still represents a 10% decline from the share price at the beginning of the year. Peltz spent 17 years as Wendy’s chairman before stepping down in 2024 and has been the chairman emeritus since then. He has twice publicly explored an acquisition in recent years, first in 2022, then again in 2026, when Trian disclosed in a regulatory filing that it was talking with financiers about a potential deal.

Dine Brands Receives Reported Buyout Bid, Adopts Poison Pill

Two investment firms are seeking to buy Dine Brands prompting a potential ownership change for the parent of Applebee’s, IHOP, and Fuzzy’s Taco Shop. Cobblers Cove Capital and Arkhouse Management submitted an offer to Dine’s board worth $39 per share in cash, Bloomberg reported, citing people familiar with the matter. The proposal represents a premium of approximately 33 percent to the company’s average share price over the preceding 30 days. Dine then announced that its board unanimously adopted a limited-duration shareholder rights agreement. Commonly called a poison pill, the agreement is meant to prevent a buyer from gaining control without paying an appropriate premium to all shareholders. The measure also gives the board time to evaluate developments and make decisions in shareholders’ best interests. The firms are willing to raise their offer pending due diligence and access to Dine’s management, according to Bloomberg.

Home & Road

Carvana Announces Record Third Quarter 2026 Results

Carvana reported record third-quarter results, selling 217,385 retail units, up 39 percent, on total revenue of $8.04 billion, up 42 percent. Net income was $483 million, up $220 million from a year earlier, a 6.0 percent margin. Adjusted EBITDA reached a record $800 million, up $163 million, a 10.0 percent margin, and GAAP operating income was $714 million. Carvana expects a sequential increase in fourth-quarter retail units sold and full-year 2026 adjusted EBITDA at the higher end of its $2.7 billion to $3.0 billion range.

O’Reilly Automotive, Inc. Reports Third Quarter 2026 Results

O’Reilly Automotive reported record third-quarter sales of $5.12 billion, up 9 percent, with comparable store sales up 7.2 percent on double-digit growth in its professional business and mid-single-digit growth in DIY. Diluted EPS rose 14 percent to $0.97, and net income rose 8 percent to $786 million. Results included a $39 million benefit from tariff refunds. O’Reilly raised its full-year comparable store sales guidance to 5.5 to 6.5 percent and now expects diluted EPS of $3.25 to $3.35 on revenue of $19.0 billion to $19.3 billion.

Floor & Decor Holdings, Inc. Announces Third Quarter Fiscal 2026 Financial Results

Floor & Decor reported third-quarter net sales of $1,214.6 million, up 3.0 percent, while comparable store sales decreased 1.4 percent. Diluted EPS rose 15.1 percent to $0.61 and net income rose 13.2 percent to $64.8 million. The company opened one new warehouse store, ending the quarter with 282. It updated its fiscal 2026 outlook to net sales of approximately $4,765 million to $4,835 million, comparable store sales of approximately negative 3.5 to negative 2.0 percent, and diluted EPS of approximately $2.19 to $2.29.

Whirlpool Corporation Announces Third-Quarter Results

Whirlpool Corporation reported third-quarter net sales of $3.68 billion, down 8.8 percent (down 5.4 percent organic), on soft North American industry demand. It posted a GAAP net loss available to common shareholders of $249 million, or $(3.80) per share, which included a $124 million impairment of its Whirlpool India investment. Ongoing EPS was $(0.21), against $2.09 a year earlier, on a 2.6 percent ongoing EBIT margin. Whirlpool announced a 7 percent price increase in North America effective in the fourth quarter. Its updated 2026 outlook calls for net sales of approximately $14.5 billion, ongoing EPS of approximately $(1.30) and free cash flow of approximately $300 million.

Jewelry & Luxury

Solomon Brothers Acquires Mervis Diamond Importers

Solomon Brothers Jewelers has acquired Mervis Diamond Importers, giving the Atlanta-based family jeweler its first presence outside its home market and adding three stores in the Washington, D.C., region. Terms of the deal were not disclosed. The combined company now operates six showrooms, three in Georgia under the Solomon Brothers name and three across the D.C., Maryland and Virginia market under the Mervis name. For shoppers, little changes at the counter, as Mervis will retain its name, staff, showrooms, warranties, lifetime care services and upgrade programs. Behind the scenes, Solomon Brothers plans to invest in areas where scale helps an independent jeweler compete, including inventory access, diamond sourcing, e-commerce and marketing, giving Mervis customers access to a much broader selection of diamonds, bridal jewelry and designer pieces than the jeweler could support on its own. Solomon Brothers said the deal is intended as a template for acquiring other independent jewelers and helping them compete with national chains and online retailers.

Michael Kors owner Capri Holdings swung to profit and raised its full-year outlook

Capri Holdings, the owner of Michael Kors and Jimmy Choo, reported net income from continuing operations of $27 million for its fiscal second quarter, compared with a loss of $34 million a year earlier, and raised its full-year outlook. Revenue came in at $809 million, down 5.5% from a year earlier, as Jimmy Choo revenue rose 11.5% to $146 million, offsetting an 8.6% decline at Michael Kors to $663 million. Capri set its full-year revenue outlook at $3.42 billion, ahead of the $3.4 billion consensus estimate. The consumer signal is in pricing, as gross margin rose to 63.3% from 61.0%, which the company attributed to higher full-price sell-throughs, brand mix and lower tariff rates, reflecting its strategy of reducing promotional activity and tightening inventory to elevate the Michael Kors brand. The company continues to expect total revenue to return to growth in the second half of fiscal 2027, supported by new collections, increased marketing investment and a focus on elevating the consumer experience.

Jewelry Trade Downsizing Rate Slows Slightly

The number of active U.S. jewelry companies continued to shrink in the third quarter, though at a slower pace than a year ago, according to data from the Jewelers Board of Trade (JBT). A total of 116 U.S. jewelry businesses closed in the quarter, down from 126 in the same period last year, and the number of active companies fell 1.4% year over year to 21,831. None of the closures were bankruptcies, with 28 businesses shutting due to mergers or takeovers and 88 for other reasons, while new firm openings fell to 67 from 89. Retailers still make up the bulk of the sector at 16,564, 1.5% fewer than a year ago. Financial health is diverging heading into the holidays, as JBT downgraded the credit ratings of 1,655 companies across the U.S. and Canada during the period, up from 620 a year earlier, while upgrading 1,480, up from 551. For consumers, a shrinking pool of independents and steady merger activity point to a market where fewer, larger operators increasingly shape selection and pricing.

Sporting Goods & Leisure

Adidas Sees Apparel Momentum Offset Flat Footwear Growth in Q3 Record Results

Adidas AG reported record third-quarter results and raised its full-year profit outlook. Revenues rose 9 percent to €7.3 billion (7 percent currency-neutral), led by a 19 percent currency-neutral jump in apparel, while footwear was flat and North America grew 12 percent. Operating profit rose 37 percent to a record €1.0 billion, a 13.9 percent margin, and net income from continuing operations rose 48 percent to €711 million, with a roughly €200 million US tariff refund contributing to gross margin. Adidas now expects 2026 currency-neutral revenue growth of 9 to 10 percent and operating profit of around €2.5 billion, up from around €2.3 billion.

Polaris Q3 sales rise 11% as utility demand drives growth

Polaris reported third-quarter sales of $2.04 billion, up 11% from a year earlier, as utility vehicle demand, higher parts and accessories sales, and increased snowmobile shipments offset weakness in recreational markets. Excluding Indian Motorcycle from the prior-year period, sales rose 17%. The company returned to a net profit of $38.4 million, compared with a $16 million loss a year earlier, and gross margin improved to 21.2%. Polaris raised its full-year adjusted sales outlook to $7.55 billion to $7.60 billion, from $7.30 billion to $7.50 billion, on stronger utility demand.

Brunswick Corp. Sets Own Growth Path to Decouple from Weaker Boat Market Trends

Brunswick Corporation reported third-quarter net sales of $1.45 billion, up 7 percent, with sales growth across all reporting segments for the fifth consecutive quarter. Diluted EPS was $1.01 on a GAAP basis and $1.58 on an adjusted basis, up 63 percent. Adjusted operating margin rose 230 basis points. The Boat segment grew sales 9 percent, Propulsion 7 percent, Navico Group 6 percent and Engine Parts and Accessories 5 percent. The company’s updated 2026 guidance calls for net sales of $5.7 billion to $5.8 billion, an adjusted operating margin of approximately 8.0 percent and adjusted diluted EPS of approximately $4.65.

Life Time Group Posts Double-Digit Revenue Increase in Q3 on Low-Single-Digit Membership Growth

Life Time Group Holdings reported third-quarter revenue up 14.2 percent to $893.5 million, driven by higher membership dues and in-center revenue, particularly Dynamic Personal Training. Center memberships rose 2.2 percent to 858,747. Net income rose 4.0 percent to $106.5 million, while adjusted net income rose 24.6 percent to $115.9 million and adjusted EBITDA rose 16.5 percent to $256.3 million. The company raised its 2026 comparable center revenue growth outlook to 8.5 to 8.7 percent, from 7.9 to 8.3 percent.

Technology & Internet

Amazon posts negative free cash flow of $42.4 billion, holds 2026 capex unchanged

Amazon shares plunged more than 6% in extended trading after the company reported disappointing third-quarter results and ballooning negative free cash flow, reflecting its swelling AI investments. The company held steady on its capital expenditure forecast for 2026, saying it continues to expect spending will reach $220 billion. CEO Andy Jassy said on a conference call with investors that the company expects to spend meaningfully more in 2027, and that Amazon has a clear line of sight to attractive financial returns. The aggressive AI spending has eaten into Amazon’s cash flow. The company posted negative free cash flow for the second consecutive quarter, recording an outflow of $42.4 billion for the trailing twelve month period. Amazon said it expects fourth-quarter revenue to be in the range of $240 billion and $247 billion. The midpoint of its guidance was below Wall Street’s expectations of $244.5 billion, according to LSEG. The fourth quarter is typically one of Amazon’s biggest by revenue, due to the peak holiday shopping season. While the AWS segment continues to hum along, results weren’t as bright in Amazon’s retail business, which remains its largest unit by revenue, or its advertising segment. Online sales gained 2% year over year to $68.47 billion, which fell short of analysts’ projected $69.68 billion, according to StreetAccount.

Finance & Economy

Third-quarter U.S. GDP increases a better-than-expected 3.4% as September inflation accelerates

The U.S. economy grew at a 3.4% annualized pace in the third quarter, beating the 3.1% economists expected and accelerating from 2.2% in the second quarter, the Commerce Department reported. Consumer spending rose at a 3.8% pace, matching the prior quarter, while business investment jumped 12.7% on spending tied to the AI build-out. Housing investment fell 3.3%, its sixth decline in seven quarters, as high mortgage rates weighed on the market. A separate report showed core PCE prices, the Fed’s preferred inflation gauge, rose 0.3% in September and 3.1% from a year earlier, keeping inflation well above the Fed’s 2% target. September spending rose 0.5%, slightly below forecasts, while personal income gained just 0.2%. The economy is holding up despite high gas prices, but household spending keeps outpacing income growth, a gap that is hard to sustain if prices stay elevated.

Fed leaves rates steady as governor Lisa Cook dissents

The Federal Reserve held its benchmark interest rate at 3.75% to 4% in a 10-2 vote, pausing after its September hike. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of another quarter-point increase. The Fed’s statement said gathering more information will help officials decide how to return inflation to target in a timely way, language that keeps another hike on the table. Chair Kevin Warsh declined to offer forward guidance but warned that higher rates reach almost every corner of the economy, including the AI investment boom. Traders now see about an 85% chance of a hike at the December meeting. For borrowers, the pause brings no relief: credit card, auto and other variable-rate debt stays expensive and could get costlier before year-end.