Michelle Girard, chief U.S. economist at RBS, said those bearish factors are not changing her estimation for growth at home and abroad.
While the current low energy prices have negative near-term impacts on a number of sectors, far more consumers, companies and countries benefit when crude prices fall, she said.
“Quite honestly, I continue to be just confounded by the fact that as energy prices come down we’re getting more and more negative about the growth outlook,” she said.
That said, Girard added that oil price stabilization and confidence in China would give markets clarity on how many times the Federal Reserve can raise interest rates this year, and therefore what the cost of borrowing will be.
The central bank has indicated it plans to raise rates four times, a number Girard called “very gradual” rather than aggressive.
On Thursday, St. Louis Fed President James Bullard said the oil price rout may suppress headline inflation for longer than previously thought. Inflation below the central bank’s 2 percent target would typically cause its policymaking committee to reconsider raising interest rates.