In 1994, the economy took off and the Fed was forced to hike aggressively, he noted in a separate report earlier this month.
"Unlike today, in 1994, dealers could use their balance sheets when everybody wanted to sell bonds, mutual funds/exchange-traded funds owned a much smaller share of corporate bonds, and we had not been through a five-year unprecedented reach for yield prompted by the Fed's zero interest rate policy," he said. "Things could get a lot worse this time."
Read More Don't get too comfortable with low bond yields
Mikkelsen advises setting hedges and reducing long positions in risky assets, adding that the rally in U.S. Treasurys recently suggests there's already been some "rational risk reduction" in response to the jobs report. After touching a yield of around 2.65 percent as the release of the jobs data at the beginning of July, the 10-year Treasury yield has fallen to around 2.51 percent; bond yields move inversely to prices.
But not everyone expecting solid U.S. economic growth is also expecting market doom.
Goldman Sachs also expects the U.S. economy is healing, but it forecasts inflation will only rise gradually toward the central bank's 2 percent target.
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"We see more slack in the labor market than the unemployment rate alone suggests," Dominic Wilson, a strategist at Goldman Sachs, said in a note Wednesday. "Although the unemployment rate itself has continued to fall more rapidly than we had expected, the stability of wage growth measures at low levels continues to give us comfort that there is little sign of tightness in the broad labor market yet."
Goldman now expects the first Fed rate hike in the third quarter of 2015, leaving another year of near-zero rates.