NEW YORK (Reuters) - The Federal Reserve is likely done with its series of interest-rate cuts that began in September, as financial market conditions have improved considerably and economic growth isn't deteriorating further, said Bob Doll, global chief investment officer of equities at money manager BlackRock.

"Fed policy-makers certainly put language in there whereby they can stop lowering rates," Doll told Reuters in an interview on Wednesday, following the Fed's statement at the end of its policy meeting. BlackRock, which manages about $1.1 trillion (550 billion pounds) in assets, is one of the world's largest publicly traded investment management firms.

"They are going to watch everything, but I think the fact that the two-year note and fed funds are not far from one another tells us that they might be done," Doll added.

Wednesday, the Fed lowered U.S. interest rates by a modest quarter percentage point to 2 percent, the lowest since December 2004, hinting the move could be the last in a series to buffer the economy from a credit crunch and housing downturn.

Doll said the Dow Jones industrial average .DJI came off triple-digit gains after the Fed meeting because "the markets have come a long way in a short period of time -- up almost 10 percent from the March 17 low -- and it's just looking a little tired. The markets wanted to do a little profit-taking," he said.

In addition, "Perhaps the markets are disappointed that the Fed didn't go a little further, moving a little more toward neutral and talking a little more about inflation, giving the dollar a chance to rally a little bit more," he said.

All told, Doll said his balanced portfolios have more exposure to equities because Corporate America's fundamentals aren't so bad. "If March 17 was the stock-market's bottom, and we think it was, it doesn't mean it's a straight line up. We can sell off 3 to 5 percent at any point in time. What's wrong with that?"