ECB needs to step in and buy sovereign bonds: Robert Doll

The European Central Bank and the US Federal Reserve will hold policy meetings this week.

Robert Doll, BlackRock says, ECB needs to step in and buy sovereign bonds. "They have given so many promises that they will do that for Spain, Italy, obviously what they are trying to do is underscore the euro. My guess is they'll put their money where mouth is. Also, if they don’t, there are going to be some serious disappointments out there," he adds. He further says, "I don’t think we are going to see any big changes, maybe Fed extends the zero interest rate policy in time. I think the action is overseas, the ECB, that’s where the pressure is to come through. Are they going to get out there and buy some more sovereign debt? My guess is that the Fed basically sits on its hands, underscores what you and I are saying, slow growth. I don’t think we have seen enough weakness to conclude that the Fed's going to move just yet."