Where the market's heading in 2015: BMO's Belski

Expect the stock market to continue to rise next year, with North America driving growth for the next 15 years, Brian Belski, chief investment strategist with BMO Capital Markets, told CNBC Monday.

"As growth and onshoring and the capital expenditures come back to America, that's going to be very, very positive. That means even more volatility in emerging markets could be good for America," Belski said in an interview with "Squawk on the Street."

"We have to get off the emerging market trade and get off the commodity trade."

On Monday, BMO released its 2015 outlook, calling for another year of moderate gains and a target of 2250 for the S&P 500.

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While the energy sector has been hit thanks to plunging oil prices, Belski said it's clear the market doesn't need energy to go up for the market to go up.

With global growth and demand slowing and prices falling, "there has to be a massive behavioral change within investors and companies alike as we shift our focus fundamentally with respect to these commodities from demand to supply," he said.

He's also predicting the Federal Reserve won't raise interest rates until at least the second half of 2015.

"The key thing is wage growth. It's not weekly jobless claims, it's not the unemployment rate," he said.

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Belski's bullish outlook extends beyond 2015. In fact, he said we're in a 15- to 20-year bull market, which has been spurred by America's so-called "lost decade."

"Coming out of this lost decade is America, who has the world's largest economy, who has structurally reformed themselves to the turn of massive balance sheets since the 1950s, growing stable earnings and attractive valuations and oh, by the way, really low interest rates," he said.

Over the next three to five years, BMO is anticipating the stock market will average of 8 to 10 percent returns.

However, "it's the last five to 10 years of the bull that can get real exciting, especially if and when we get corporate tax reform and repatriation, which is not part of the next couple of years," Belski said.

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