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 What's Happening Today Good morning! It's Kristin with your daily morning digest.
Russia's invasion of Ukraine is still ongoing, but the crisis hasn't swayed the Federal Reserve or global oil producers.
Federal Reserve Chair Jerome Powell said in prepared remarks released this morning that interest rate hikes are still coming in March, despite the uncertainty of the Russia-Ukraine conflict. He pointed to high levels of inflation and a strong labor market as reasons to raise rates.
Hiking interest rates helps lower inflation, which is welcome news to all of us who are paying more for just about everything. But interest rate hikes also mean that borrowing money (like for a mortgage or personal loan) will be more expensive.
When it comes to the labor market, private payrolls (or the number of people working in the private sector) increased by 475,000 in the month of February, according to the latest figures from ADP. The number was higher than economists expected, and could point to a stronger February jobs report from the government on Friday (which strengthens the Fed's argument to raise rates).
Oil cartel OPEC and its allies (known as "OPEC+") also decided today to stick to their oil production plans, despite pressures to raise production and concerns about supply disruptions from Russia. Oil prices have been soaring, with crude passing $112 a barrel earlier this morning.
President Joe Biden in his State of the Union address last night said that the U.S. will work with other countries to release 60 million barrels of oil from strategic reserves to help fight rising oil prices. But that amount might not make much of a dent in oil or gas prices—in 2020, the U.S. used close to 20 million barrels of oil per day. Higher oil prices means higher gas prices, which currently cost an average of about $3.66 per gallon.
- Kristin
Editors' Picks
Off the Charts The government has been easing pandemic-related restrictions, and more people are going out again—but so far that's not translating into eating out more, and not because we're fearful. No, this time it's food prices.
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Number of the Day  35 Cents - That's how much the wholesale price of a gallon of gas spiked in some parts of the U.S. Tuesday because of the Russian invasion of Ukraine. More From The Balance /RulesofThumb-Recirc-40d55d54db404b8f9fb8a223227052a2.jpg) The 20/10 rule of thumb is used to limit consumer debt payments. Learn more about it, how it works and whether it is the right choice for your finances.  Inflation-protected certificates of deposit are a type of investment that will help hedge the effects that rising prices can have on your account. /GettyImages-166077082-5b51027946e0fb00379fdf02.jpg) Traffic tickets can cause your insurance rates to increase. Learn how long a speeding ticket and other moving violations stay on your record and affect your premiums.
 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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