By Kristin Myers, Editor-in-Chief

What's Happening Today

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

Stocks are losing more ground today after dropping yesterday on hawkish comments from Federal Reserve Governor Lael Brainard that showed support for raising interest rates and reducing the Fed's balance sheet more rapidly to counter rising prices. The Federal Reserve will release the minutes of its latest March meeting later today, which could offer more details about the central bank's plans to fight inflation and reduce stimulus funds for the U.S. economy.

Traders are betting that a more aggressive rate hike of half a percentage point is on the horizon next month at the Fed's May meeting. While raising rates higher and more quickly will help fight rising inflation, it will make borrowing more expensive for people like you (think car or personal loans), and may impact your investment or retirement portfolios as company profits will likely be dinged.

Mortgage applications tumbled 6.3% last week from the week prior, according to the latest figures from the Mortgage Bankers Association, as rising mortgage rates impact potential homebuyers and homeowners looking to refinance. The volume of applications to refinance dropped to its lowest level since spring of 2019. Low rates have helped fuel a hot housing market where home prices have surged over the last two years. As the Federal Reserve hikes interest rates to fight inflation, the cost of borrowing will only get more expensive.

This morning, President Joe Biden also announced an extension of the pause on federal student loan repayments through the end of August. The move is expected to help the millions of student loan borrowers who could face financial difficulties without it, according to the statement from the White House.

And yesterday's Instagram Live conversation with producer, author, and financial influencer Berna Anat has been rescheduled for Thursday, April 7, at 3 p.m. Eastern. We'll discuss where to begin on your personal finance journey, so be sure to tune in!

- Kristin

Editors' Picks

30-Year Mortgage Rate Jumps to 5.41% (The Balance)

A Fed Official's Speech Tanked Markets. Why It's Worrying Everyone. (Yahoo Finance)

Why Are Gas Prices So Different in Different Places? (The Balance)

Citi Strategists Say Curve Inversion Tends To Signal Stock Gains (Bloomberg)

When Can You Access a Roth IRA? (The Balance)

How Does Life Insurance Create an Immediate Estate? (The Balance)

Monthly Home Expenses: How To Budget for a First House (The Balance)

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Off the Charts

Consumers set aside 6.3% of their disposable income in February, and 6.1% of their disposable income in January—a range lower than the country has seen for virtually all of the last decade, and a long way away from the double-digit saving rates seen during much of the pandemic, according to recent data from the Bureau of Economic Analysis.

Number of the Day

2023 - That's when Americans should brace themselves for an economic recession and borrowing costs much higher than they are now, according to a new forecast.

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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