By Stephen Culp

NEW YORK (Reuters) – Marko Kolanovic, chief global markets strategist at JPMorgan Chase & Co (NYSE:), believes Wall Street’s recent sell-off presents a buying opportunity.

The closing price of the dollar fell 2.6% four days after it reached an all-time high. This is a bad sign for a year that will be fraught with inflation fears, Federal Reserve policy shifts, and the spiking infection by the COVID Omicron variant.

Kolanovic disagrees, calling the pullback in risk assets “arguably too much” and believes there’s more room for the Fed “to surprise on the dovish rather than the hawkish side going forward.”

Omicron is a risky investment, however, Omicron could be a good asset for the markets.

Kolanovic stated that “Also, if an a lesser severe, more transmissible strain rapidly crowds out the more severe, it can transform a deadly pandemic in to something more like a seasonal influenza.”

Although acknowledging that there may be a decline in large-cap stocks, Omicron notes that the “good chance” we are nearing the end of the fragile period. However, it will take some weeks for the market’s to absorb the Fed’s incremental changes as well Omicrons positive (yes, benefic) impact.