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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 European Union (EU) is reportedly considering joining the U.S. in banning Russian oil imports, which would inject extra volatility into energy markets. Oil prices, which have been on the decline lately, have now jumped back to more than $110 a barrel. Consumers have been watching oil prices closely, as jumps in price lead to increases at gas pumps for U.S. drivers. Average gas prices across the country have eased slightly, though the national average remains above $4 a gallon.

Later today, we can expect more comments on interest rates from Federal Reserve Chair Jerome Powell when he speaks at the National Association for Business Economics' annual conference. The central bank recently confirmed a widely expected move to hike interest rates by a quarter of a percentage point to help tame rising inflation. The rate hike will make borrowing more expensive for consumers looking to secure home or car loans, or those with credit card debt. Interest rates are expected to continue going higher this year, but there are some strategies you can use to deal with them.

On Friday, we'll also get the final results from the University of Michigan's Consumer Sentiment Index for March, which will likely show it souring in the face of red hot inflation that has forced consumers to dig deeper into their wallets to buy groceries and other goods. Preliminary readings earlier this month showed pessimism about personal finances in the year ahead hasn't been worse since the survey began in the 1940s.

- Kristin

Editors' Picks

Women Are Winning the Biggest Pay Raises From US Labor Boom (The Wall Street Journal)

Two Years Later, Remote Work Has Changed Millions of Careers (CNN Business)

Eating at a Restaurant Roars Back From the COVID-19 Pandemic: Survey (Yahoo Finance)

Surging Food and Fuel Prices Are Driving Many Struggling Americans Back to Food Banks (The Washington Post)

Credit Bureaus To Ax 70% of Medical Debt From Reports (The Balance)

Best Stocks for Roth IRAs (The Balance)

How To Use Rollovers for Business Startups (ROBS) (The Balance)

Off the Charts

Summer's coming, but a sharp uptick in mortgage rates and sky-high home prices are putting a sudden chill on demand for vacation homes.

Number of the Day

$44.6 Billion - That's how much poor sleep may cost the U.S. economy each year because sleep-deprived workers are out sick more than everyone else, a new poll shows.

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."