The policy of easy money has created the current bull market for bonds, but investors should tread carefully ahead of the Federal Open Market Committee's meeting next month, Christian Gattiker, global investment strategist and head of research at Julius Baer, told CNBC Friday.
"It looks like we are in a structural bull market for bonds," Gattiker said.
"The main thing there is that the central banks and the Fed are keeping interest rates low, artificially low," he added.
He does not share the view that the bond market is at an "extreme danger" level because too many investors are in, expressed by another analyst earlier this week.
"We might see some disappointment in the first week of November," Gattiker said.
The FOMC will meet on November 2 and 3 to decide what course to take on monetary policy and many analysts are saying that the market has already priced in a second round of asset-buying, or quantitative easing.
In stock markets, Gattiker prefers to look towards Asia and buys European stocks exposed to the region, as in terms of valuation there are "a lot more attractive companies in Europe than in Asia."
"On a selective level we prefer China for the time being," he added.
In commodities, asset inflation is at play and gold is "really getting overheated," Gattiker said. He prefers cyclical commodities like energy.