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What's Happening Today

Good morning! It's Kristin with your daily morning digest.

The United States and the European Union (EU) have imposed more extreme sanctions against Russia in response to its invasion of Ukraine. This round of sanctions is designed to isolate Russia's banking system, making it harder for the country to make financial transactions. While the impact of sanctions on the American economy will likely be limited, it is hoped that the moves could coerce Russia to withdraw from Ukraine. Meanwhile, representatives from Russia and Ukraine kicked off talks today in Belarus.

After last week's volatile trading, stocks are falling this morning as investors watch developments in Ukraine and prepare for Federal Reserve Chair Jerome Powell's testimony on monetary policy in front of Congress on Wednesday and Thursday. Investors want to know: are interest rate hikes still on the table, given geopolitical tensions that are shaking up markets? And if so, when will they take effect? Interest rate hikes would help rein in rising inflation, which has made everything more expensive for consumers.

And more economic data is coming our way this week: We'll get insight into the strength of the labor market amid surges in COVID-19 infections on Friday, when the government's February jobs report is released.

- Kristin

Editors' Picks

New Foreclosures Multiply by Eight in January (The Balance)

Russian Ruble Tanks Almost 30% After Latest Sanctions (Barrons)

Corporations Raise Prices as Consumers Spend 'With a Vengeance' (The New York Times)

Citigroup Is Latest Bank To Back Off Overdraft Fees (The Balance)

Off the Charts

Between rapidly rising home prices and spiking mortgage rates, average monthly mortgage payments have never been higher in data going back to 2000, a recent report from real estate company Zillow shows.

Number of the Day

2013 - That's the last time the U.S. saved as little disposable income as it did in January, showing that household finances are running on thinner margins these days.

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In Case You Missed It

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ICYMI: Investors Choose "Safer" Strategies Amid Uncertainty, But Remain Optimistic

In case you missed it, investors are seeking safer investments.

Investors have been dumping tech stocks and other risky assets due to geopolitical uncertainty from the Russia-Ukraine crisis, rising inflation, upcoming interest rate hikes, and volatility in the markets that have shaken investor confidence, according to Investopedia's latest investor survey.

The recent bout of volatility has led to a pullback in purchases of stocks and cryptocurrencies, and an increase in ETFs, index funds, and commodities.

But despite the fears, investors still remain bullish (positive that the market will perform better) with just over half expecting gains in the S&P 500 over the next six months. About 25% of investors surveyed expect returns of 5% or more, and nearly two in three readers have bought stocks when they declined from their highs (known as "buying the dip").

- Kristin

Editors' Picks

Individual Investors Seek Shelter But Are Ready To Pounce (Investopedia)

Why Russia and Ukraine Matter to the Stock Market (The Balance)

How Do I Consolidate Investment Accounts? (The Balance)

Rising Rates, Prices Mean Record Home Mortgage Payments (The Balance)

Off the Charts

The gender pay gap among top executives at S&P 500 companies grew to its widest level in nine years in 2020, according to a new report by Morningstar. While cash salaries between men and women executives was about the same, men's equity-based compensation outpaced women's by 30 percentage points.

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