On Friday, China's central bank made its first interest rate cut in more than two years in an effort to spur growth. The European Central Bank also announced it has begun buying asset-backed securities.
In this environment, Kiesel likes housing because it is "very cheap on a relative basis" and inventories are very low, according to long-term charts.
Most important, he added, the consumer is strong.
"You've got declining unemployment. You've got rising income, low energy prices, low interest rates and a confidence from a Fed, which continues to create a wealth effect," he explained.
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Kiesel also favors airline stocks. While the sector has recently benefited from low oil prices, he's not concerned about oil eventually rising.
That's because industry consolidation has led to significant pricing power for the airlines, and they now have $49 billion in ancillary revenues, he said.
"They're charging you to board early. They're charging you for a special seat. They're charging you for food, for luggage. They're charging you for everything," he said. "That's profits for the airlines and that's why we like them."