Blackrock Chief: More Problems Ahead

There will be more fallout from the credit problems hitting the financial sector, predicted Robert Doll, Blackrock vice chairman and CIO of global equities.

"There's more to come, particularly with a weak economy," said Robert Doll, vice chairman and CIO of global equities at Blackrock. "Forget the credit cruch. Credit is always under pressure when nominal growth, real growth plus inflation, is so low. Then you lay the credit crunch on top of it ... there's more to come."

In addition, continued problems in housing and the economy are sapping some of the holiday cheer, noted Doll.

"Inflation is not the concern right now," said Doll on CNBC's "Squawk Box" Monday morning. "... Core inflation is still reasonably well behaved. We've got to fight the weaker economy. The Fed has to at least get with the curve. Maybe they don't want to get ahead of it, but they are still pretty far behind."