Growth in the first quarter of 2015 may have been abysmal, but the economy has since picked up steam and this momentum will lift stocks in the second half, said Kristina Hooper, U.S. Investment Strategist, Allianz Global Investors. 'The consumer is healing,' said Hooper. 'We’re seeing more jobs, better quality in jobs, and we should see a resulting pickup in retail spending. And that should really help the economy.' Hooper added that her data dependent view seems very much in line with Fed Chair Janet Yellen’s outlook. Hooper expects Yellen to start raising rates at the Fed’s September meeting, yet she does not believe the Fed will go overboard in calendar year 2015. 'We could see just one and done for the year or potentially two and done for the year,' said Hooper. 'This is very much a data dependent decision making process, the path not just liftoff, and so our expectation is it’s going to be low and long.' As a result of the Fed’s move toward tightening, Hooper said she expects a step up in volatility, although the choppiness won’t hold back stocks from moving higher as a result of the better performing economy.