BECKLEY, WV (WVNS)–Tuesday, September 13, 2022, was not the best for stocks as they dropped because of rising inflation and consumer prices.
Economists said it was one of the worst days for the stock market since the pandemic began.
Data from August shows consumer prices rose 0.1 percent unexpectedly.
Kyle Poling, Owner of Poling Wealth in Beckey talked about what we could see next.
“So really what the market is hoping for is that inflation somewhat comes down naturally. We’ve all seen the federal reserve continues to raise rates, mortgage rates increase, etc, and really what the market is hoping is that inflation rolls over before the fed has to raise rates and potentially cause a recession,” Poling said.
Inflation as Poling mentioned is still high at a whopping 8.3 percent.
But before you decide to empty your accounts, Poling said don’t let fear get the best of you.
“These moments can be very very scary. But again, what we want to do is we make sure that the plan we have assumes these moments happen so we stay consistent, we don’t pull our money out sometimes we have to look away from our computer screens or our monthly statement but at the end of the day a good plan can weather markets just like this,” Poling said.
Poling said if you don’t have a plan, meet with a financial advisor so you have the best chances of securing your financial future.