It's a dangerous summer for stocks: Deutsche Bank

Dangerous summer, don't chase rally: Pro
Dangerous summer, don't chase rally: Pro

With the stock market trading at or near all-time highs, the chief U.S. equity strategist Deutsche Bank said Friday he would not chase this rally.

"I think this is going to be a dangerous summer," David Bianco told CNBC's "Squawk Box" in an interview, with the Dow Jones industrial average less than 37 points away from a new record ahead of the opening bell. The S&P 500 closed Thursday at an all-time high.

Deutsche Bank's Bianco believes inflation is starting to build.

"The view is that the Fed is allowing inflation pressures to accumulate because the Fed is fearful of a stronger dollar overly-weighing on the economy, as we've seen year-to-date," he said.

But don't look for inflation in the obvious places, he argued. "Unit labor costs are positive and rising. We're not worried about commodity goods inflation. We're worried about labor inflation starting now and accumulating over the coming years."

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Jonathan Golub, chief U.S. market strategist at RBC Capital, disagrees with those characterizations on inflation and the market.

"I don't think this is such a dangerous environment," he told CNBC. "We're all looking for boogeymans out there that I'm not sure exist."

Golub does not see inflation as a budding problem for the Fed, but he would like to see interest rates starting to head higher.

"Going back to normal is going to mean a better stock market," he continued. "I think if the Fed can get to 100 basis points in a year from now ... stocks will be higher ... because it will tell the world that zero interest rates are not a necessity; that the world is not broken."

The S&P 500 will gain low double-digits this year, predicted Golub.

Bianco was more conservative—looking for a 5 percent to 7 percent gain in 2015.

But for the high-end of either call to come to pass, the market needs to get moving. As of Thursday's close, the S&P was up 3 percent for the year, while the Dow was up 2.4 percent.