Mr Timmer, who is also a portfolio manager for Fidelity, cited the economic recovery, easy money, investor sentiment and technical data as the reasons for his bullishness when he addressed  the morning general session of the American Bankers Association’s annual Wealth Management and Trust Conference in Phoenix yesterday.

“The economic recovery is more real than people realize,” he said. “I’m confident that the economy will not double-dip back into a recession anytime soon.”

The Federal Reserve Board’s easy money policy, Mr Timmer said, has meant “a lot of liquidity, which is a good story for the market.”

While he didn’t think that the Fed would tighten interest rates, he said his biggest concern was the “rate of easing going down.”

“My gut feeling is that the recovery is healthy enough” to cushion the blow from an easing of an easy money policy, Mr Timmer said.

“Inflation is the  economy’s biggest risk over the next few years, but we’re still in a deflationary market,” he added.

“The big question,” concluded Mr Timmer, “is which way do we go? Will  there will be continuing  deficits and will the treasury monetize debt or will  the recovery be sustainable and we get a soft landing?”