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By Kristin Myers, Editor-in-Chief

What's Happening Today

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

Stocks are rising today ahead of the Federal Reserve's decision on interest rates this afternoon. It is widely expected that the central bank will choose to raise rates by at least a quarter of a percentage point in an effort to fight surging inflation. While it could be a relief to U.S. consumers when buying groceries or shopping at the store, it will also make things more expensive for borrowers trying to secure a mortgage or car loan.

Retail sales are slowing, rising by only 0.3% in February, according to the latest data from the Census Bureau. This represents a sharp pull back from January's figures, when retail sales surged an upwardly revised 4.9%, highlighting the strain inflation is having on consumer spending.

One area for relief is a decline in oil prices, with the price of West Texas Intermediate (WTI) crude now below $100 a barrel as the Russia-Ukraine conflict continues. However, it might still be a while before U.S. consumers see the effects at the gas pump.

Ukraine President Volodymyr Zelenskyy addressed Congress on Wednesday to ask the United States for more aid as Russia continues its attacks on Ukraine. The Ukrainian leader also asked lawmakers to urge businesses in their districts to leave Russian markets. Hundreds of companies like Uber, Adidas, Netflix, and McDonald's have withdrawn, suspended, or reduced their operations inside of Russia over the past few weeks.

- Kristin

Editors' Picks

Retail Sales Rise, But Modestly, as Shoppers Step Out (The Balance)

History Shows Stocks Can Weather Rate Hike Cycle (Reuters)

79% of US Adults Want Government To Lower Drug Costs (The Balance)

Airlines Say Fliers Are Flocking Back, Despite Higher Ticket Prices (The Wall Street Journal)

Roth IRA vs. 457(b) Retirement Plan: What's the Difference? (The Balance)

Does My Insurance Cover Tornadoes? (The Balance)

Should You Use Home Equity To Buy a Car? (The Balance)

Off the Charts

It didn't take long for the price of gasoline to spike along with crude oil this month. But as oil drops back down, will we see the same dramatic shift at the gas pump? Don't hold your breath.

As of Tuesday, the average price for a gallon of unleaded gas had dipped only about 1 cent since reaching a record high of $4.33 Friday—72 cents higher than it was just a week and a half earlier. Meanwhile, the market price of the crude oil it's made from dropped about 13% over the same period.

Number of the Day

$3 - That's how much a monthly payment on a typical car loan would go up if the Federal Reserve raises its benchmark interest rate by 0.25 percentage point this week.

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."