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By Kristin Myers, Editor-in-Chief

What's Happening Today

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

Today, the Bureau of Economic Analysis released its latest update on the Fed's preferred inflation gauge, the personal consumption expenditures (PCE) index, which jumped 6.4% in February from one year prior. It's the biggest yearly increase since the early 1980s. Excluding volatile food and energy prices, the core PCE price index rose 5.4% from a year ago, also the biggest annual jump in nearly four decades. The PCE index tracks how much consumers spend on goods and services. The latest figures show how much inflationary pressure people in the U.S. are feeling in stores.

President Joe Biden is also reportedly planning to release 1 million barrels of oil per day from strategic reserves to help fight rising gas prices and supply shortages. Rising costs of oil are felt by U.S. consumers in two ways: first at the gas pump when filling up vehicles, and secondly at stores as rising oil prices also cause goods to get more expensive.

Oil is used in manufacturing and shipping, so the pricier oil is, the pricier goods can get. However, it's unclear how much the release will help U.S. consumers, given the size of the release relative to the nation's oil consumption—the U.S. consumes an average of nearly 20 million barrels each day.

- Kristin

Editors' Picks

Inflation Erodes Wage Gains, Eats Into Spending (The Balance)

Rising Wages Could Complicate America's Inflation Cool-Down (The New York Times)

Could Credit Card Late Fees Be the Next To Get the Ax? (The Balance)

Corporate Landlords Are Gobbling Up US Suburbs. These Homeowners Are Fighting Back. (The Washington Post)

How Debt Collection Laws Impact Small Businesses (The Balance)

Maximum and Minimum Roth IRA Contribution Limits (The Balance)

Recession Dictionary: Your Guide to the Jargon (The Balance)

Certificate of Deposit Rules and Regulations: What You Should Know (The Balance)

Off the Charts

A majority of U.S. adults—64%—support raising taxes on the country's wealthiest people, according to a survey from The Balance on President Joe Biden's Build Back Better (BBB) plan.

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Number of the Day

75 - That's the age when minimum withdrawals from retirement accounts would be required in the year 2033, up from 72 now, if proposed legislation becomes law.

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 5 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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