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By Kristin Myers, Editor-in-Chief

What's Happening Today

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

The White House is expected to unveil President Joe Biden's 2023 budget plan today, which could include a "Billionaire Minimum Income Tax" that would reportedly place a 20% minimum tax rate on U.S. households with incomes of more than $100 million. The new minimum tax rate would only apply to a fraction of the top 1% of U.S. households. In a recent survey, The Balance found that over 60% of respondents supported taxing wealthy Americans.

Stocks are mixed as oil prices fall and long-term bond yields threaten to fall below short-term yields, resulting in an inverted yield curve—often considered a recession indicator. Earlier this morning, the yield curve on the five- and 30-year Treasury notes briefly inverted for the first time since 2006, suggesting that investors believe they will take on more risk in the near future, as opposed to the long term. Inverted yield curves are a warning sign to investors that the economy could take a downturn (or even enter a recession) in the near future, though Americans shouldn't panic just yet.

Tomorrow, the Bureau of Labor Statistics will release data on the number of job openings and workers who quit in its latest job openings and labor turnover (JOLTS) survey. As the labor market continues to strengthen, employers have struggled to find workers to fill open roles. Further data on the labor market will come in Friday's March jobs report. The upcoming report will be watched closely, as the Federal Reserve continues to use the strengthening employment picture as support for more aggressive interest rate hikes.

But that isn't all. Personal consumption expenditures (PCE) will also be released this week, showing the change in prices that people in the U.S. pay for goods and services. The PCE index is one way to gauge inflation, and you may find it interesting as the price for everything has been on the rise, likely stinging your wallet as you pay more and more money for groceries, gas, and other items.

- Kristin

Editors' Picks

Biden Budget Woos Moderates With Deficit Cuts, Flexibility (Bloomberg)

White House To Address Racial Bias in Home Appraisals (The Balance)

Yield Curve Almost Flashes Recession, Maybe, but Who Knows When (The Wall Street Journal)

What Are the Tax Advantages of a Roth IRA? (The Balance)

When Is the Best Time To Open a CD? (The Balance)

How Recessions Affect Housing Prices in the US (The Balance)

Statement Closing Date vs. Payment Due Date (The Balance)

Off the Charts

The average rate offered to homebuyers using a conventional 30-year fixed mortgage surged to 5.17% from 5.03% the previous business day, while the 15-year average jumped to 4.30% from 4.12% the previous business day. Both are their highest points since at least 2019.

Number of the Day

25,000 - That's how many responses—and then some—regulators got after asking for insight into what kind of "junk fees" financial companies may be charging.

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."