The Fed will raise rates this year: Bob Doll

Bob Doll: Confident in consumer
Bob Doll: Confident in consumer   

Despite some disappointing retail earnings and U.S. economic data, Bob Doll said Wednesday the Federal Reserve will in fact raise rates this year.

"I think they want to get on with it [and] they need to get on with it. The economy justifies low Fed funds rate, not zero. Zero connotes an emergency, and the emergency has passed. I think they will find every excuse to move," Nuveen Asset Management's chief equity strategist told CNBC's "Squawk on the Street."

Doll made his remarks ahead of the U.S. central bank's release of its April meeting minutes.

Nevertheless, Chicago Fed President Charles Evans, a Federal Open Market Committee voting member, said Wednesday that a hike in U.S. interest rates is not likely to be appropriate until early 2016.

"Inflation is too low," Evans told an audience in Munich. "The FOMC should refrain from raising the federal funds rate until there is much greater confidence that inflation one or two years ahead will be at our 2 percent target."

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Doll added he expects volatility within the stock market to increase shorty after the central bank hikes interest rates, but will ultimately keep rising. As for the bonds market, he expects Treasurys to struggle.

U.S. equities were slightly lower in early afternoon trading, while benchmark U.S. 10-year Treasury notes yielded about 2.25 percent.