“The U.S. will continue to dominate global growth, but China wants to be dominant financially and militarily,” he said.
In order to counter the inflationary trends, the Federal Reserve Board will initiate two or three interest rate hikes this year and another three or four next year, he said.
Although there will be dips in the economy, recoveries will happen quickly because Crossmark does not see a recession in the near future, Doll said.