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Bob Doll on the U.S. Economic Outlook

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    BlackRock Senior Advisor Bob Doll on the outlook for the European and U.S. economy and markets.

  • Duration 3:19
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Now Bob doll he's senior advisor clock -- one.

World's largest asset management firms Bob good to have you with this.

Let me ask -- is we look at these markets.

We seem to be range bound.

Today volume did pick -- after the anemic previous two weeks on the New York exchange.

What is going on here -- -- -- equity markets are concerned.

I think Lou the market is digesting the gains the you pointed out since the first of the year it's hard to believe and it sure doesn't feel like it but.

US stock market is up a double digit percentage year to date I think the markets saying.

Wait a minute -- come -- pretty far with an economy that's -- pretty mediocre.

You just cited a bunch of statistics.

At best there even.

But they're more to the downside manufacturing slowing construction slowing.

And all the uncertainty around the fiscal cliff once you're gonna do in the list goes on I think a pause -- what's happening.

Opt out pause and and would have to all of the questions that you're talking about constituting a I -- pretty formidable wall of worry for this market.

Of the questions seem -- ending the answer is where they are provided seem rather ambiguous what are we to expect here.

Well we've been in that environment for some time as you know -- that environment I've described as economy muddle through markets grind higher.

They don't go on a straight line and I think the grind since.

June June has been up 10% and so.

A bit of a pause here -- we try to let things catch up or get some more clarity.

To all the ambiguity the ambiguity you point out there the -- the jobs number Friday the outcome of the election the fiscal cliff.

The European meeting later this week you know the list goes on not to mention.

Earnings.

That are also important the real economy you're rejecting the real economy that there as well.

I want want so while it matters and it and we can't give it an incomplete it votes every day does.

And David does and speaking of Europe and we Maas Thursday we're going to see whether or not -- is going to have his way.

Whether the Euro will be saved -- -- Spain and Italy will continue his nation states.

Either independent of -- -- part of the European Union whatever size that may ultimately be.

What do you expect.

Well I think that drug he will get his way but what that means we still don't know it could be more about words than action.

The good news is Angela Merkel has supported and despite.

Some domestic problems inside Germany in disagreement so.

I think drug he will get his way this round certainly markets have.

Up participated in a wave I think argues that they -- he needs to have his way otherwise we'll start having disappointments -- You're outlook here for the economy specifically jobs.

Specifically.

Economic growth.

We don't -- don't want to leave this discussion without talking about the possibility that this economy could be robust once again.

Yeah out robust I think go with the -- debt that's out there are sixteen trillion as you mentioned today.

It's unlikely we're gonna have a robust economy 2% muddle through economy is the best I can give you live right.

Bob -- thanks for being with us we appreciate it Bob doll black --

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