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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 number of first-time filers for unemployment benefits dropped to 184,000 last week, according to the latest jobless claims numbers from the Labor Department. The figures were higher than expected, but remain lower than the initial jobless claims made in the weeks before the spike that followed the onset of the pandemic in March 2020.

Even with recession fears looming, a strong jobs market has bolstered the Federal Reserve's case to keep raising interest rates to combat rising inflation. Today, Fed Chair Jerome Powell is set to speak before the International Monetary Fund (IMF), and investors will listen closely to his remarks for indications that a more aggressive rate hike of half a percentage point could be coming next month.

Raising interest rates would take a bite out of inflation, which is causing the costs of travel, food, housing, and more to soar. But it also puts the squeeze on your wallet if you're looking to secure a loan or are saddled with credit card debt as the cost of borrowing gets more expensive. Higher rates have already pushed the average rate on a 30-year fixed mortgage to its highest levels since at least 2019, cooling homebuying interest.

Also, in case you didn't know, every week I answer a financial question from a reader just like you. My Two Cents is a weekly column all about helping you better manage your money. If you're ready to (anonymously) tell us about a personal finance situation you're dealing with and want my two cents on how to handle it, submit your question now by filling out this form.

And don't miss The Balance's next Financial Literacy Month Instagram Live series on Tuesday, April 26, at 12 noon Eastern, when I talk with former Wall Street trader Vivian Tu, founder of YourRichBFF. Follow The Balance on Instagram to get updates on all of our live events this month!

- Kristin

Editors' Picks

Jobless Claims Stay Low, Mortgage Rates Soar (The Balance)

Fed's Powell Could Seal Expectations of Half-Point Rate Rise in May (The Wall Street Journal)

Half of US Student Loan Borrowers Say They Couldn't Pay Today (Bloomberg)

With Inflation, Workers Are Facing Return-to-Office Sticker Shock (The New York Times)

Current Yield vs. Yield to Maturity: What's the Difference? (The Balance)

Can You Rent Your House Without Telling Your Lender? (The Balance)

No-Penalty CD vs. Savings Account: Which Is Better? (The Balance)

Please Take Our Reader Survey

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Off the Charts

The hot housing market may finally be reaching a turning point, as inflation and surging mortgage rates are starting to scare off would-be buyers, a new report shows.

Number of the Day

19.5% - That's how much the monthly payment to buy a house has gone up in three months, as buyers face soaring home prices and surging mortgage rates, a report shows.

For The Balance's third Financial Literacy Month IG live series, we're discussing the topic of creating revenue streams through investing. Join The Balance Editor-in-Chief Kristin Myers with featured guest Vivian Tu, former Wall Street trader, and founder of YourRichBFF, on Tuesday, April 26, at 12 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!