With political drama finally weighing on the market, investors need to brace for more volatility ahead, David Schiegoleit of U.S. Bank Private Client Reserve told CNBC on Wednesday.
"If you are a long-term investor, buckle up. This is going to be bumpy. But fundamentals are still there," said Schiegoleit, who is the bank's managing director of investments.
The stock market has largely shrugged off recent events in Washington D.C., including the firing of FBI Director James Comey, who was investigating the ties between the Trump campaign and Russia. It also came to light this week that Trump allegedly revealed classified information to Russian officials during a White House visit.
However, news that Comey left a memo detailing a conversation in which Trump allegedly asked him to stop his investigation of Michael Flynn, the former national security advisor, has led to chatter about the possibility of impeachment. And that "I-word" is what rattled the market on Wednesday, Schiegoleit told "Power Lunch."
It doesn't necessarily have his clients asking to sell, though, he said.
"We haven't gotten that level of fear or panic yet," he said, noting that the next step is to see whether the Comey revelations are factual and if so, how the situation plays out.