But in the meantime, Doll said, "financial markets are in for a bumpy period. Volatility will likely stay high until we see some cooling in economic growth, signs of lower inflation, moderation in commodity prices and a restoration in investors confidence in the Fed, which seems to have been lost over the past couple of weeks."
Bonds got a slight reprieve over the past week.
The yield on the 10-year US Treasury bond fell back to 5.054 percent from to 5.186 percent a week earlier and that on the 30-year bond dropped to 5.137 percent from 5.298.
Bond yields and prices move in opposite directions.
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