It appears unlikely that the Fed will be raising interest rates on September 21/22, but you never know! As previously stated, politics has the upper hand right now and Democratically appointed Fed Chief, Janet Yellen, unless she absolutely has to, will not want to muddy the waters. It is debatable whether a rate increase will help or hinder the economy.
All I can say is if you have large balances on your credit cards, start paying them off now. It is going to be much harder, probably sooner rather than later, to pay off credit balances with a higher interest rate attached to your debt. Once rates do start going up, they are liable to continue for the foreseeable future.
Again, from a political standpoint, the gap between the two candidates is closing rapidly and some polls are showing Trump ahead for the first time. Just to remind you, the stock market is not Democrat or Republican as markets don’t vote but markets do pay attention to change and uncertainty. If Trump wins the election, the market is likely to sell off as there will be increased uncertainty.
Stocks: If you own Wells Fargo stock, it is a SELL at the moment. There will be a shadow over this stock for a while. The stock is coming off a little today.
CNBC reports this morning: Quote: Federal prosecutors are investigating Wells Fargo (WFC), after the bank was fined for opening unauthorized accounts, The Wall Street Journal reported, citing sources. The Journal said U.S. attorneys have yet to decide whether they would pursue a civil or criminal case should they choose to prosecute. (CNBC) Unquote.
This is simply our opinion, please consult your financial advisor regarding changes to your stock portfolio.