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 What's Happening Today Happy Friday! It's Kristin with your daily morning digest.
After the U.S. ordered a new round of sanctions targeting Russian banks yesterday, Kremlin representatives indicated Russian President Vladimir Putin is considering talks with Ukraine following an invasion by Russian forces.
The U.S. stock market has been incredibly volatile on geopolitical uncertainty the last few days, but is showing signs of resilience: The S&P 500 and Dow are gaining this morning after a wild trading day yesterday that saw the Dow drop over 800 points, before making a stunning comeback to swing into the positive.
Oil prices are also declining after they rose to over $100 per barrel yesterday, suggesting that if there is any pain at the pump because of spiking oil prices, they could be short-lived. Rising oil prices are also tied to inflation, as the cost of manufacturing goods becomes more expensive, which could hurt your wallet even more.
In a sign that inflation isn't slowing down, the cost of consumer goods and services rose, as the personal consumption expenditures (PCE) index climbed 0.6% in the month of January, and accelerated 6.1% from last year, according to the latest figures from the Bureau of Economic Analysis. The annual jump was the greatest since 1982. Excluding food and energy prices, the index rose 5.2% from a year ago, also the largest rise in nearly 40 years.
- Kristin
Editors' Picks
Off the Charts In recent years, Black-owned banks have enjoyed rising support from the general public, major corporations, and even other banks. Since 2020, Bank of America, Wells Fargo, and JP Morgan Chase have all publicly committed millions of dollars in financial support and investment to Black-owned financial institutions, as have Netflix, PayPal, and Microsoft.
To help you #BankBlack, we've compiled a list of Black-owned banks and credit unions, including the states they serve and their number of branches.  Number of the Day  $140 - That's how high the price of a barrel of oil could go if Russia's oil exports are choked off because of its invasion of Ukraine, according to one estimate.
SPONSORED BY DISCOVER PERSONAL LOANS Debt is one of the biggest financial challenges Americans face. Find out what you can do to reduce debt and take charge of your finances. LEARN MORE >
More From The Balance  Roth IRA contributions are capped by income level. A backdoor Roth IRA allows taxpayers to contribute to one through a conversion if they earn too much.  If a severe weather event destroys your home or vehicle, are you protected? Learn whether insurance covers natural disasters, or if you need to buy additional coverage.  To give your budget a little more breathing room, try one (or more) of these four strategies for reducing your mortgage payment without refinancing.
 Season 2 of the "Money Confidential" podcast is back with "Taxes in Ten," a six-episode mini-season covering your top tax questions. Host and nationally recognized money expert, Stefanie O'Connell Rodriguez, is teaming up with The Balance's very own Editor-in-Chief, Kristin Myers, as well as Caleb Silver, Editor-in-Chief of Investopedia, to talk about everything from doing your own taxes to the specific tax considerations of different life stages. You can listen to "Taxes in Ten" now, with new episodes airing every Monday. Listen now!
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Market Resilience
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