Mike Malone, equity sales and trading analyst at Cowen and Company, told CNBC’s “Squawk on the Street” that strong growth isn’t fueling inflationary fears.

“Recent inflation data, at least in the United States, has been very benign,” Malone said Thursday. “I think that’s a trend we’ve been seeing for some time. I think there are some areas where you’re seeing inflation, particularly in commodities.”

He offered a different view of China’s imports and exports.

“One important thing to note is that China is a big importer of inflation and an exporter of deflation,” Malone said. “There’s an enormous amount of spare capacity there. So, I’m not so sure that inflation is out of control or that growth is going to drive inflationary trends globally.”

He said higher interest rates have slowed the market, but so far haven’t slammed on the brakes.

“I think there is a little reluctance now to bid the market higher like we’ve seen since the February sell-off,” Malaone said. “For the most part, I don’t see real concern on the part of institutional investors right now.”