(WXYZ) — Americans are facing a triple threat to their finances and there is growing uncertainty about the future. Wall Street is in a market meltdown, the S&P 500 is in an official bear market, and the Dow sunk another 876 points yesterday.
On top of that, gas prices remain at record levels. AAA is reporting metro Detroit's average went up a penny overnight to $5.31 per gallon, and the federal reserve is likely to boost interest rates once again this week.
The big question everyone is asking: Are we on the road to a recession?
Investors and many others are worried about a future of economic uncertainty, but the best way to move forward is to not panic.
Many are worried if The Fed does increase interest rates again, it will spark a recession. Wall Street was in the red on Monday and May inflation numbers are at a 40-year high of 8.6%.
Remaining calm and approaching everything with caution is advice from financial experts.
David Sowerby is a portfolio manager who manages nearly $33 million in total assets. He said there are still investment opportunities out there for growth in this type of market.
"The number one rule, with the market down 20%, don't capitulate, avoid that capitulation trade, where you feel like you just can't take any more pain and you're going to be a seller," he said.
While investors are worried about the Federal Reserve meeting, the White House said it is closely monitoring the situation.
"The way that we see this is that the American people are well-positioned to face these challenges because of the economic and historic gains that we have made under this president," White House Press Secretary Karine Jean-Pierre said.
Prices at the pump are soaring and oil prices are reaching highs of as much as $123 per barrel, along with soaring demand and decreasing supply.
"Until these market forces kind of abide or slow down, we are going to find ourselves in this area in terms of price. So the things you can do personally to keep your usage down, that's going to save you money," Gary Bubar with AAA Michigan said.
But as the economic threat looms on the horizon, many are worried. But, Joe Rosenburg, who lost his house in 2007, said regardless of how painful that was, he survived that and has a positive outlook on the future.
"I just dipped deeply into my savings to sustain myself, but, you know, I'm going to be 75 this month and I've still got to work because of that.