The current policy climate makes it a good time to be an investor in certain areas, PIMCO's Mark Kiesel said Friday.
"Well, the taper's probably still there, but the bigger picture is really the policy rate and the growth," he said.
"PIMCO sees a 2 percent real growth forecast. The Fed actually sees in 2014 to 2015 a 3 to 3½ forecast."
(Read more: Should you factor taper into trades?)
On CNBC's "Fast Money," Kiesel, who is managing director and global head of corporate bond portfolio management, said that absent a strong labor market, the trade was clear.
"The bond market at these yield levels is actually very attractive," he added. "We're underweight the long end of the yield curve."
Kiesel said that he liked sectors that would benefit from an easy-money policy, such as autos, airlines, energy and housing.
"This is a good time to be an investor and to take advantage of bottom-up opportunities where the growth rates are significantly higher than that 1½ to 2 percent," he said.