Bob Doll, BlackRock's chief equity strategist for fundamental equities, and Peter Fisher, its global head of fiixed income. sounded more cautious in their latest edition of “Investment Directions,” released Monday.

While economic indicators and corporate earnings continue to improve, global inflationary pressures and crises in the Middle East and Japan have lowered near-term growth expectations and expanded risks to the downside,” they said. But they still see opportunity in U.S. stocks and some bonds, including municipal bonds.

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