Good morning. Salt Lake City will have a high of 58° and a low of 36°.
Do you remember the photo of the pregnant woman being carried from the maternity hospital that was damaged by shellingin Mariupol, Ukraine last week? The Associated Press reported that both she and her baby died. I know it's a grim piece of news to start the morning with, but it's one that I can't stop thinking about.
But I'll leave you with a more positive Ukraine-related story. Two Utah County kids decided on our their own last week to start a hot cocoa stand to raise money for families in Ukraine. Thus far, they've raised $4,400, with an anonymous donor pledging to double whatever they receive.
The Fed is set to raise interest rates. What will it mean for you?
What's happening: The Federal Reserve is expected to raise interest rates this week — for the first time in three years — by .25%.
What you should expect, according to Phil Dean, former state budget director and public finance senior research fellow at the University of Utah’s Kem C. Gardner Policy Institute:
Home loans, car loans and business equipment investments will become more expensive as rates rise.
Those with fixed-rate loans for large purchases such as homes and cars are better protected.
Those with variable-rate loans, or who are carrying debt on variable-rate credit cards, will experience larger, interest-driven fees.
More rate raises are expected throughout 2022. The hope is to reduce inflation without impeding the growth of the U.S. economy.
Read more about the Federal Reserve's expected interest rate increase.
The debate over how to ease high gas prices is ongoing. Here are some of the solutions being advocated:
More U.S. production
Rikki Hrenko-Browning, president of the Utah Petroleum Association, argues that the Biden administration should expedite permitting decisions and leases so the U.S. can quickly increase oil production.
"The current administration’s energy policy has resulted in reduced new leases, delays in permitting new wells and delays in extending leases."
More clean energy
A piece by the Center for Western Priorities argues that high gas prices are a reason to transition to clean energy.
"We can never be energy independent while we rely on a fuel source that is both controlled by the global market and highly susceptible to international conflict and manipulation by autocratic regimes.”
In any event, the Russian war in Ukraine can't be solely blamed for high gas prices. Prices had already increased by 30% before the invasion began.
The increase is tied up in a 40-year high in inflation and an industry that has been constrained like many others by supply chain issues and a shortage of labor.
One obviously beefed-up position in BYU’s spring drills is the defensive line.
They’re older, seasoned, a little stronger, deeper and have added speed.
If that unit proves to be effective in 2022, it will go a long way to help coach Kalani Sitake continue a streak of wins, even with a schedule that includes Arkansas and Notre Dame.
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