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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 falling this morning after the Federal Reserve released the March meeting minutes yesterday, which showed that several policymakers had considered tightening monetary policy and hiking interest rates even more aggressively as part of the Federal Reserve's plans to fight inflation. The minutes suggested that despite uncertainty regarding the economic impact of Russia's invasion of Ukraine, future Fed moves could come at a faster pace than expected.

Raising interest rates makes borrowing money more expensive, and reducing the Federal Reserve balance sheet will also raise interest rates, making riskier investments like stocks more attractive. As the central bank moves forward with this plan, there could be some volatility in the market, impacting the economy and the personal finances of Americans.

In a show of how strong the labor market has become, the number of people who filed for unemployment benefits for the first time fell to 166,000 last week, according to the Labor Department's report on initial jobless claims. The last time there were fewer claims was over five decades ago in 1968. The jobs market and its strength has been closely followed, as the Federal Reserve has pointed to low unemployment as a reason to hike rates.

And don't forget to tune in today at 3 p.m. Eastern as I kick off Financial Literacy Month on Instagram Live. I'll be talking with producer, speaker, and financial influencer Berna Anat on where to begin your personal finance journey!

- Kristin

Editors' Picks

Jobless Claims Haven't Been Lower in a Half Century (The Balance)

Inflation Ate Your Last Raise. Here's How To Get a Bigger One. (The Wall Street Journal)

This Is the Red-Hot Center of the Tightest Job Market Since WWII (Bloomberg)

Fed May Be Even More Wary of Inflation Than We Thought (The Balance)

Average Credit Card Interest Rate Is 20.55% (The Balance)

Biden Extends Student Loan Pause Again (The Balance)

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

Can You Use a CD To Build Credit? (The Balance)

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Off the Charts

If you've been shopping around for a mortgage, you may be shocked at how much worse the offers are getting, and how quickly. The average rate offered for a 30-year fixed mortgage vaulted to 5.87% from 5.41% overnight, according to lender data provided to The Balance.

Number of the Day

6 - That's how many times the government has extended the deadline for mandatory student loan payments to resume, with each reprieve raising more questions.

April is Financial Literacy Month, and The Balance is going on IG live in a series dedicated to your personal finance journey. Join The Balance Editor-in-Chief Kristin Myers with special guests throughout the month of April. Our first IG live event is on April 7 at 3 p.m. EST with Berna Anat, producer, speaker and fin-fluencer. Follow us on Instagram to get updates on The Balance's live events this month!

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