To find out what the national turmoil over finances means for the average Idahoan, reporter Jessica Crandall sat down with financial advisor Joe Haan with Edward Jones in Idaho Falls Tuesday.
He said it’s been a roller coaster week for the stock market, with Wall Street losing 6-8 percent of its gains last week, and then losing that same amount Monday alone.
He said he’s recommending his clients stick with their long-term investments, but he says you can never predict what will happen in a volatile economy.
“It’s kind of like winter in Idaho. When you and I are in the middle of winter, we think it’s never going to end. As an investor, when you’re seeing nothing but red on your screen, you think, ‘Goodnight! This is never going to end,’ but it does. Spring comes. The thaw comes, and we do indeed go the other way,” said Haan.
The Federal Reserve said it will likely keep interest rates at record lows for at least two more years.
The more specific time frame is aimed at calming nervous investors, giving them a clearer picture of how long they will be able to get inexpensive credit.