After April's Consumer Price Index (CPI) data signaled that inflation may be cooling, some on Wall Street grew optimistic that the Federal Reserve might cut rates before the year's end. Fed Governor Michelle Bowman spoke on Friday repeating her previous stance that she would not rule out rate hikes if inflation remains elevated.

Crossmark Global Investments CEO and CIO Bob Doll joins Market Domination to give insight into the Fed's potential policy decisions and why he believes the market is headed for a "mild recession."

Doll elaborates on the current market conditions that shape his view: "We got the leading economic indicators today, and they were down again. We've had one month up in the last couple of years. A week ago, we got the University of Michigan Consumer Confidence Index, and not only are lower end consumers struggling, but now some mid-income consumers are struggling. It's just the high-end that's doing well. And, of course, inflation expectations in that same survey went up a bunch. So I don't think all is as clear as we might like it to be in a market where you got to pay over 20 times earnings. "

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This post was written by Nicholas Jacobino