The Federal Reserve’s plans for more monetary easing will disappoint and may prompt a sell-off in U.S. stocks, Marc Faber, publisher of the Gloom, Boom & Doom report, told Bloomberg HT television in an interview from New York.

While he said he thinks a correction is overdue in stocks and precious metals, he doesn't see a bear market around the corner.

He thinks the Fed’s expected next round of quantitative easing, or QE2, will be a big disappointment, especially "anything under $1 trillion."

“If the market really sells off, you can then increase QE2 or launch QE3, or QE4 or QE5,” he said. “There will be many more QEs.”

But he said “equities are more attractive than bonds and cash in the long run” over the next 10 years.

He also warns to avoid the U.S. dollar, which he sees as "very oversold," and U.S. government bonds.

While the dollar may be poised to rally for awhile, he advises against shorting the dollar. He said the Japanese yen and Swiss franc are overbought.

He suggests an accumulation of precious metals and agricultural commodities. Faber also touted his positive outlook for gold and silver but didn't provide any specific price targets.

Earlier this month, he said global markets are heading for an “important turning point” as interest rates begin to rise within about three months and the U.S. dollar gains.

Investors should buy stocks and sell cash and bonds because governments are continuing to print too much money and may create a new “credit bubble,” Faber told reporters earlier this month during a forum in Seoul.

“Instead of interest rates going down, they could start to go up, instead of the dollar being weak, it could strengthen,” Faber said. “I’m ultra-bearish on everything, but I believe you’ll be better off owning shares than government bonds.”