US rate hikes: Fed "may not be quite as dovish as the market expects"

Russ Koesterich, the global chief investment strategist for BlackRock (world's biggest money manager)

From a client note:

• Says the Fed will probably not be on hold for all of 2016
• "Inflation has strengthened, suggesting that the central bank may not be quite as dovish as the market expects"

Koesterich referring to market pricing of a Fed hike this year, which has plunged. He says the mkt could be surprised by a hike.