BlackRock's Doll: 'Black Hole Has a Bottom'
The Federal Reserve on Wednesday announced that the Fed Funds rate will be left unchanged at zero to one-quarter (0.25) percent; the Fed Discount rate was also left unchanged, at 0.50 percent.
What does today's Fed decision mean? BlackRock's Bob Doll offered CNBC his insights.
"A couple of months ago, we were concerned whether the black hole had a bottom. Now, we've seen it has," Doll said.
"I'll use the phrase, 'less bad news.' The Fed underscored that. And at the same time, it said the fight against deflation continues."
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Dolled summed up: "Stocks said there will be a recovery, we just don't know exactly when. That's why all this cash, on the sidelines — some of it is finding its way in" to the equities markets.
Watch the video for insights from Doll, Pimco's Bill Gross and CGM Capital's Ken Heebner.
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