Stocks are at the threshold of a bull market, US Trust President Keith Banks said Monday.

"I do think volatility will continue," he added. "Unfortunately, what's driving it is partly the debate around the Fed. Will they, won't they, with respect to tapering? What a lot of people forget is that they do begin to taper, that's a good thing. It means the unemployment rate is going down. It means the economy is firming up. It means inflation looks healthier; it's not at a very low level."