Markets are in for a bumpy ride compared to the low-volatility environment of recent history, strategist Bob Doll told CNBC on Wednesday.
The recent pullback is a sign that volatility is heading back toward normal, the chief equity strategist at Nuveen Asset Management said on "Squawk Box."
"I think the trend is up, but it's going to be a bumpier ride than the last several years, where with 20/20 hindsight it was pretty easy," he said.
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The Fed has had a lot to do with reining in volatility, but as it provides less liquidity, volatility will be on the rise, Doll said.
"When there's ample and excess liquidity, it does dampen volatility, and obviously the path of least resistance was to the upside," he said.
Doll said yields in other parts of the world will prevent the U.S. 10-year treasury yield from moving higher, which helps the economy. However, if rates in the United States do tick up, it could be a sign that Germany and the rest of Europe have moved away from deflation.
"I think that's bullish for financial assets if we can get that," he said.