In his annual letter to shareholders Thursday, Dimon said the recent volatility in the currency and Treasury markets was a "warning shot across the bow."
Kiesel, who is global head of Pimco's corporate bond portfolio management, said he agreed with Dimon that central banks are impacting the valuations of Treasurys and government bonds around the world "given the size of the central banks' balance sheets."
Without the Federal Reserve's buying up of U.S. Treasurys, the yield on the 10-year would be at least 50 basis points higher, he said.
Therefore, to find decent income right now, investors need to look at things like corporate bonds and non-agency mortgages, which are not being subsided by central banks.
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Specifically, Kiesel likes housing-related sectors, such as building materials, homebuilders, non-agency mortgages, and title insurance.
"We think the housing market has legs. Household formation will start to pick up. The labor market is strong," he noted.
He also likes cyclicals, including lodging, gaming, autos and airlines.
"We think that this economy is the middle phase. It will continue to grow around 2.5 to 3 percent. The consumer is strong," Kiesel said.
—CNBC's Patti Domm contributed to this report.