Kyiv — Russia launched a massive attack Thursday on Ukraine’s energy sector, forcing emergency power outages as temperatures dropped to freezing across the country. Ukraine’s energy grid has been heavily targeted since Russia launched its full-scale invasion in February 2022, with Kyiv accusing Moscow of “terror” tactics by trying to plunge Ukrainian cities into darkness and cut off heating to civilians throughout the winter.

The overnight strikes come after two weeks of dramatic escalation that has seen both sides launch new weapons to gain an upper hand ahead of President-elect Donald Trump’s inauguration in January.

Ukraine’s Energy Minister German Galushchenko said power infrastructure was “under massive enemy attack” after a countrywide air alert was issued for incoming missiles.

The air force reported a string of Russian cruise missiles and attack drones heading for cities across the country, including the capital Kyiv, Kharkiv in the northeast and the Black Sea port city of Odesa.

Ukraine’s “energy sector is under massive enemy attack”

“Once again, the energy sector is under massive enemy attack. Attacks on energy facilities are taking place across Ukraine,” Galushchenko said.

National power grid operator Ukrenergo “urgently introduced emergency power cuts,” he added, as temperatures dropped to around 32 degrees Fahrenheit.

Energy provider DTEK said Ukrenergo was introducing emergency power outages in the regions of Kyiv, Odesa, Dnipro and Donetsk.

Officials warned residents in many cities to remain in shelters, with the air alert still in place.

“As soon as the security situation will allow it, the consequences (of the strikes) will be specified,” Galushchenko said.

President Volodymyr Zelenskyy’s chief of staff said the wave of attacks showed Russia was “continuing their tactics of terror.”

“They stockpiled missiles for attacks on Ukrainian infrastructure, for warfare against civilians during… winter,” Andriy Yermak said in a post on Telegram, pledging that Ukraine would respond.

A senior United Nations official, Rosemary DiCarlo, this month warned Russian strikes on Ukraine’s energy infrastructure could make this winter the “harshest since the start of the war.”

Russia-Ukraine war escalates with new weapons

Russia earlier this week said it was preparing its own retaliation for Ukrainian strikes on its territory using U.S.-supplied ATACMS missiles.

Ukraine has launched at least three attacks on Russian territory with the long-range missiles since the White House gave it permission to fire them deeper into Russia.

Moscow responded to the first strike by firing a never-before-seen ballistic missile at the Ukrainian city of Dnipro. In an angry address to the nation, Russian President Vladimir Putin warned the nuclear-capable, intermediate-range, multiple-warhead missile could be used against Western countries if they let their arms be used by Ukraine to hit Russia.

Russia’s defense ministry said Thursday it had downed 25 Ukrainian drones fired overnight, including 14 over the southern Krasnodar territory — just to the east of the annexed Crimean peninsula.

Krasnodar’s governor said a woman was wounded by falling debris in the town of Slavyansk-on-Kuban, around 60 miles east of the Kerch bridge — the giant infrastructure project linking Crimea to Russia that Kyiv has heavily targeted throughout the war.

Trump taps retired general to lead on Ukraine, Russia policy

The latest missile salvo came a day after Trump named staunch loyalist and retired general Keith Kellogg as his Ukraine envoy, charged with ending the Russian invasion.

Trump campaigned on a platform of securing a swift end to the Ukraine war, boasting that he would quickly mediate a ceasefire deal — comments that have triggered concern in Kyiv that the U.S. will push it to cede land occupied by Russian forces.

Kellog, an 80-year-old national security veteran, co-authored a paper this year calling for Washington to leverage military aid as a means of pushing for peace talks.

The outgoing Biden administration has urged Ukraine to drop the minimum age of conscription to 18 to plug severe manpower shortages across the 600-mile front line.

Russian troops have been advancing in the east for months, where they have a manpower and ammunition advantage over Ukraine’s stretched forces.

President-elect Donald Trump dined on Wednesday with Meta CEO Mark Zuckerberg at the president-elect’s Mar-a-Lago club in Florida, bringing together the Facebook founder and the former president who was once banned from that social network.

A Meta spokesperson confirmed the meeting in a statement to CBS News, saying that Zuckerberg “was grateful for the invitation to join President Trump for dinner and the opportunity to meet with members of his team about the incoming Administration.”

Stephen Miller, who has been appointed deputy chief of staff for Trump’s second term, said Zuckerberg, like other business leaders, wants to support Trump’s economic plans. The tech CEO has been seeking to change his company’s perception on the right following a rocky relationship with Trump.

“Mark, obviously, he has his own interest, and he has his own company and he has his own agenda,” Miller said in an interview on Fox News about the meeting. “But he’s made clear that he wants to support the national renewal of America under Trump’s leadership.”

Trump was kicked off Facebook following the Jan. 6, 2021, attack on the U.S. Capitol after determining that his posts had potentially encouraged the violence that occurred that day. The company restored his account in early 2023, but with certain “guardrails.” In July, those restrictions were lifted by Meta.

Trump has a combined 65 million followers on Facebook and Instagram.

During the 2024 campaign, Zuckerberg did not endorse a candidate for president.

Zuckerberg has since taken a more positive stance toward Trump. Earlier this year, he praised Trump’s response to his first assassination attempt, calling it “badass.” Zuckerberg also complained that senior Biden administration officials pressured Facebook to “censor” some COVID-19 content during the pandemic.

Still, Trump in recent months had continued to attack Zuckerberg publicly. In July, he posted a message on his own social network Truth Social threatening to send election fraudsters to prison in part by citing a nickname he used for the Meta CEO. “ZUCKERBUCKS, be careful!” Trump wrote.

The Thanksgiving eve visit also comes as tech mogul Elon Musk has become more influential in Trump’s Make America Great Again movement, contributing an estimated $200 million through his political action committee to help elect Trump. Musk is the billionaire owner of the X social network, a competitor to Meta.

Trump’s X account, then known as Twitter, was also suspended in January 2021. But his account was reinstated in November 2022 following Musk’s purchase of the company. Must reinstated Trump’s account after posting a poll asking users whether to do so.

Musk has spent considerable time at Mar-a-Lago since the election, and Trump selected him to lead an outside advisory panel known as the “Department of Government Efficiency” to identify waste with Vivek Ramaswamy, a venture capitalist and former GOP presidential candidate.

Certificate of deposit (CD) accounts became a popular investment option in recent years as interest rates soared thanks to the Federal Reserve’s inflation-fighting policies. Many high-yield CDs offered rates topping 5.00%, presenting an unprecedented opportunity to earn a generous ROI with minimal risk.

For many investors who opened these accounts at these record-high CD rates in the post-pandemic era, their CD maturity date may be fast approaching.  Their rate is only fixed — and their money is only locked up — until that date arrives.

If you are one of those investors and your CD is maturing in December, you’ll have to make some tough choices about what to do with the money invested. You do have multiple options, however, so it helps to know what experts suggest. 

See what new CD interest rate you could lock in here now.

4 moves to make if your CD matures this December

Here are four moves savers should consider making if their CD is set to mature this December:

Check for auto-renew 

Anyone whose CD term is ending in December has a critical step to take immediately. “Check your current CD for any auto-renewal provisions,” advises Chad Gammon, a certified financial planner and owner at Custom Fit Financial. “You don’t want to be surprised to find out that you are locked into another term unintentionally.” 

When your CD term ends, you’ll usually have a short grace period to act before your bank can renew your certificate at the current CD rates. Those rates may be well below the yields you were being paid. 

Unfortunately, if you don’t redirect the money and the bank puts you into a new CD with a low rate, you’d be stuck for the CD term if you wanted to avoid early withdrawal penalties.

You don’t want to lose the opportunity to shop around for a good CD interest rate — or, worse, take the time to research the best CD types to choose now only to find your choice has been taken away because you’ve already been reinvested and are locked in. 

See how much you could be earning on your money with one of today’s top CD rates now.

Consider your financial goals 

As long as you’ve turned off auto-renew, you’ll have a choice of what to do with your money when the CD maturity date arrives. To make that decision, take the time to think about your goals.

“What you should do if your CD matures in December depends on your financial situation,” advises Domenick D’Andrea, AIF, CRC, CPFA, financial advisor, and Co-Founder of DanDarah Wealth Management. 

For some people, it may be best to use some of the money for immediate needs. “I’d suggest using some of the funds instead of going into debt during the holidays,” D’Andrea advises — and Gammon agrees. “If you need the funds from the CD within the next few months, such as to pay for holiday spending, it would make sense to use the CD for that,” Gammon says.

If you don’t plan to spend right away but need the money soon, keeping it accessible while maximizing your ROI is the top priority. “If you need access to this money in the short term, consider more liquid accounts that still provide competitive rates compared to standard savings accounts,” George McFarlane, president of 7 Waters Advisors suggests. “High-yield savings accounts or money market accounts can be excellent choices in this situation.

Of course, while it’s better than borrowing, spending the money from your maturing CD comes at an opportunity cost, and isn’t right for everyone. “If you have a CD maturing in December, you’ll likely want to reinvest those funds to maintain your purchasing power,” advises Jonathan Ernest, Economics professor at Case Western Reserve University. 

Research current CD offers 

If you decide to reinvest, your risk tolerance, investing timeline and available alternatives will dictate where to put the money. If you’ll need the money in around five years or less, reinvesting your CD could be your best course of action — but you don’t just want to accept whatever rates your bank has on offer. 

“Look for higher rates with longer terms, as this could help you secure better returns despite falling interest rates,”  McFarlane suggests. “This may involve searching online for rates that are higher than what local banks offer.”

Gammon also stresses the importance of shopping around and suggests there may be some good buying opportunities this month. “Research interest rates from not only the bank from your current CD but also other financial institutions,” he said. “There will probably be end-of-year promotions on CDs from some institutions.”

Even with these promotions, current yields may come as a disappointment. “The Fed has already lowered rates by 75 basis points, so you are not likely to find a rate as high as the maturing CD,” D’Andrea warns. 

Like McFarlane, D’Andrea suggests that smaller banks or online banks may provide better rates. He also has some advice on what CD term to select. “If you’re going to lock these funds into a new CD, I would suggest you choose the longest term you’re comfortable with because I believe we will see further rates decrease over the next few years. You’re not likely to be able to match today’s rates again.” 

Ernest also points out that, while rates are not at post-pandemic peaks, they’re still high by historical standards — especially if you find the best offers. 

Explore alternative investment options

Finally, you could also consider other investments beyond CDs. 

“If you have a CD maturing in December, before reinvesting, take a moment to re-establish what your objective is for those dollars. Ask yourself if these dollars still need to be conservatively invested or if your time horizon or risk tolerance has changed,” Jeff DeLarme, CFA, CFP, and President of DeLarme Wealth Management, Inc. advises. 

If you’re able to take on more risk or have a longer timeline, there are plenty of other investments that could provide better returns than CDs. 

“You might explore alternatives to CDs, such as I Bonds or fixed annuities,” McFarlane suggested. “These options often provide slightly higher rates and greater liquidity. For instance, fixed annuities typically allow you to withdraw 5 to 10% of your balance annually without penalties. They also offer longer terms, enabling you to lock in higher rates for extended periods.”

DeLarme also points out that these alternatives could have some tax benefits as well. “A CD is typically fully taxable whereas a Treasury Bill may generate interest that is exempt from State income tax,” he says. “When you consider the potential tax savings, a Treasury Bill may be a more attractive vehicle and could be a more liquid investment relative to some bank CDs.”

Of course, the stock market is another option as well. “If you have some appetite for risk, you could consider investing in equities and hope that a Santa Claus Rally boosts stock prices in the last week of the year,” Ernest suggested. 

The good news is, each of these options can make good sense in the right circumstances. Just take the time to consider the pros and cons to decide what’s best — and don’t let your CD auto-renew because otherwise, you’d lose the ability to make your choice.

Learn more about your current CD options online today.