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By Kristin Myers, Editor-in-Chief

What's Happening Today

Happy Friday! It's Kristin with your daily morning digest.

Stocks are mixed after a roller coaster week that has seen equities edging higher as we head toward the weekend. Despite continued uncertainty amid the Russia-Ukraine crisis, the Fed's decision to fight inflation by raising interest rates a quarter of a percentage point has given investors clarity.

What still remains unclear for U.S. investors and consumers is how aggressively (and how quickly) the Fed plans to move. The central bank forecast six interest rate hikes this year to bring interest rates close to 2%, but in a statement Friday, St. Louis Fed President James Bullard said that he believes the Fed should have hiked rates by half a percentage point, and recommends lifting rates to a level above 3%.

Higher interest rates might help tame runaway inflation, but they'll make it more expensive to borrow money from banks and lenders. There are strategies to navigate a higher interest rate environment, though: consider refinancing before rates go higher or transferring credit card debt to a card with a 0% interest rate to save money.

And there's big news for those of you with medical debt that's been dragging down your credit score: most medical debts will reportedly be removed from consumer credit reports, which could help boost your score.

- Kristin

Editors' Picks

Fewer Homes Sell in February as Mortgage Rates Rise (The Balance)

Most Medical Debts To Be Removed From Consumers' Credit Reports (The Wall Street Journal)

How (and Where) To Get Medical Debt Relief (The Balance)

St. Louis Fed's Bullard Says the Central Bank Should Raise Rates Above 3% This Year (CNBC)

Interest Rates Are Getting Higher. Here's What To Do (The Balance)

How Russia's War in Ukraine Is Choking the World's Supply of Natural Resources (Bloomberg)

6 Alternatives to CDs That Can Earn Better Rates (The Balance)

Talking to Teens About Financial Risk (The Balance)

Off the Charts

Health care costs are rising in the U.S., and are estimated to increase 5.4% each year through 2028. A new survey conducted by The Balance on President Joe Biden's Build Back Better (BBB) plan found that health care was the top concern among respondents, with 79% saying they think the government should lower prescription drug costs, with bipartisan support.

Number of the Day

$265 - That's how much more a typical homebuyer is signing up to pay each month now that rock-bottom mortgage rates are clearly behind us.

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 now to "Taxes in Ten."