SAN DIEGO — The stock market rebounded Tuesday after the United States said it would delay until December 15 the latest round of tariffs on China.
This, after many financial experts are predicting a recession next year.
The ups and downs of the stock market can lead some to wonder whether their retirement investments are going to flop.
Scripps Ranch financial advisor Chase Wilsey said don’t be too quick to sell.
“It gets harder and harder the further out you go to predict that recession but I think now, for 2020, we're still safe,” said Wilsey.
“I think this is going to be another story five to ten years from now, where people say, ‘I can't believe I made that mistake of selling when I shouldn't have.' Or, people who say, 'I'm so glad I didn't sell.'”
When it comes to retirement, Wilsey said stay the course. Even if we do see a recession, chances are it will be nothing like the great recession of 2008, according to Wilsey.
“I think we're going to see continued stock market volatility for the next year or so, but I think long-term you just have to take a breather and say it's going to be okay,” said Wilsey.
One thing that makes investors shaky is President Trump's threat of more tariffs on China but Wilsey said consumer spending is still strong.
“So, even though we've had tariffs for about a year now, it's not impacting the consumer. They've been in place for over a year, the consumer is still confident,” he said.
Wilsey said those recession predictions in the news may be based on the mistaken belief that the United States economy can't continue to grow.
“Australia is actually in an expansion that has lasted over 27 years. Countries like Norway, Ireland and Germany have all had expansions that have lasted over 15 years. So, this whole length concern of the expansion is really not a concern at all,” Wilsey said.
Chase Wilsey and his father Brent Wilsey are owners of Wilsey Asset Management, which is an advertiser with the KFMB Stations.
The Wilseys also host a radio program on AM760 KFMB, which is owned by the parent company of CBS News 8.