Financial expert talks factors that make market so volatile

Financial expert Jordan Goodman was in the News 12 studio to discuss factors that have been causing the roller coaster on Wall Street. "We're not sure what's going to happened with the Federal Reserve,"

News 12 Staff

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Sep 8, 2015, 5:47 PM

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Updated 3,396 days ago

Financial expert Jordan Goodman was in the News 12 studio to discuss factors that have been causing the roller coaster on Wall Street.

"We're not sure what's going to happened with the Federal Reserve," he says. "Next week they will decide if they will raise interest rates or not."

Goodman says that if they raise interest rates, it would be the first time in nine years. Other factors include what's happening in China.

"China devalued their currency, which made the Chinese market go down sharply," he says. "This can affect the economy globally."

Goodman states that investors are beginning to panic, which is causing them to sell a lot of stock. He says prices are going down and earnings are coming lower than expected.

"If they raise rates one-quarter of a point, it will affect mortgages, credit cards and businesses," he says. "Consumer credit is up very strongly, with $900 billion credit card debt outstanding right now."

Goodman says they should not raise interest rates because this is still a volatile situation for the market.