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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 labor market keeps on getting tighter, as the Bureau of Labor Statistics reported that the number of available job openings edged up to 11.5 million in March from 11.3 million in February and the highest number on record. Meanwhile, the hiring rate was unchanged at 4.5%, and quits also rose to an all-time high of 4.5 million. Job openings particularly rose in retail trade and manufacturing. Many employers are paying higher wages to keep and attract workers, but as inflation surges, fewer workers have seen paychecks rise faster than prices this past year, according to research by job-hunting site Indeed.

Federal Reserve policymakers meet today and tomorrow to decide if the central bank will raise interest rates again to fight inflation, and that tight labor market would be one of the reasons the Fed raises rates faster. Investors are anticipating a rate increase of half a percentage point. Higher interest rates will help cool inflation, which has pushed costs higher for almost everything we buy. But it also makes borrowing money more expensive, effectively decreasing demand for homes, cars, and other kinds of loans.

And even though rate hikes mean the interest rate on mortgages will also increase, it won't stop home prices from continuing to spike. The latest CoreLogic Home Price Index released this morning showed the average cost to buy a single-family home in the U.S. climbed 3.3% last month and home prices jumped 20.9% from a year ago.

And don't forget to tune in tomorrow, May 4, at 12 noon Eastern, when I talk with Teri Ijeoma, founder of financial course "Trade and Travel." Teri is a former school principal turned multimillionaire, and we'll be talking about how to enjoy your wealth. It's our last conversation as part of The Balance's Financial Literacy Month Instagram Live series. To catch this talk, follow The Balance on Instagram!

- Kristin

Editors' Picks

Home Prices March Higher; US Sees Record Job Openings (The Balance)

Immigrants To Get Extension for Expiring or Expired US Work Permits (The Wall Street Journal)

The Era of Cheap and Plenty May Be Ending (The New York Times)

Yelp, Citi, Apple, and More Are Expanding Employee Benefits To Cover Abortion Care (CNBC)

How Does a HELOC Affect Your Credit Score? (The Balance)

Should I Use Insurance To Fix My Windshield? (The Balance)

Should You Use a Roth IRA To Invest in Cryptocurrencies? (The Balance)

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Off the Charts

The measure of inflation most watched by the Federal Reserve has continued to accelerate, climbing to 6.6% in the year through March, from 6.3% in the year through February, to mark a fresh high since 1982. However, if food and energy prices are excluded from that figure, it decelerated slightly to 5.2% from 5.3%, according to the Bureau of Economic Analysis. It was the first time in over a year that this "core" inflation rate actually got better.

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Number of the Day

$5.32 - That's the new record high price of a gallon of diesel—a fuel that influences the cost of most goods that travel to store shelves by trucks, ships, and trains.

For The Balance's fourth Financial Literacy Month IG live series, we're discussing the topic of wealth and its enjoyment. Join The Balance Editor-in-Chief Kristin Myers with featured guest Teri Ijeoma, master investor and founder of Trade and Travel, on Wednesday, May 4, at 12 p.m. EST. Follow us on Instagram to get updates on The Balance's live events this month!