Investment expert shares what Minnesotans should know about their money during Trump's second term
MINNEAPOLIS — In the first weeks of President Trump's second stint in office, the economy has been a big focus. Mr. Trump likes to point to the stock market as a reflection of his personal and political success.
Esme Murphy turned to Minnesota native and nationally known investment expert Pete Najarian for his thoughts on investing during Trump's second term of his presidency. Where some critics see volatility, Najarian sees Mr. Trump, for the most part, following through.
"He told us that he was going slap tariffs on if they do not do this, this and this. So that part of the monologue he was giving us in terms of where the markets were going to look like, and I think that part was very honest," said Najarian.
Markets soared when Mr. Trump won the election. Market analysts believe it's because he is a big booster of business profits, cutting business regulations and red tape.
In his headline-making first few weeks in office, the world has been watching the immediate threat of a trade war with Canada and Mexico. While that is paused for a month, most analysts say that a full-blown trade war would hurt the average investor and consumer.
For most of us, home buying is our biggest investment but is now the time to buy? According to Bankrate, the current average interest rate for a 30-year fixed-year mortgage is 6.7%.
Najarian says you may want to wait for interest rate cuts.
"Unless you are in some huge rush to move somewhere maybe the job changed or whatever I don't think it's a great time necessarily to be buying houses. Here is the other side of that coin, you can still buy that house and you could still have that mortgage rate and you can always refinance," said Najarian.
Mr. Trump has vowed to turn the U.S. into the cryptocurrency capital of the world, including joining it himself with the $Trump and $Melania coins. Despite a volatile market, the number of people investing in cryptocurrencies has tripled in the last three years to 28% of American adults, according to security.org.
Driving some of this is that Mr. Trump has issued an executive order saying it is his administration's policy to promote the growth of digital assets.
