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With U.S. Treasury yields essentially in the gutter, bond investors searching for yield should turn to the credit markets, where they can earn 4, 5, even 6 percent, Pimco's Mark Kiesel told CNBC on Wednesday.
"Right now ... it's actually a very good investment because fundamentally the U.S. is outperforming," he said in an interview with "Street Signs. "
The private sector is generating jobs, companies and stocks are doing well, and there has been enterprise value expansion, he said.
"This we think will lead to credit spread tightening," said Kiesel, Pimco's chief investment officer of global credit.
"The reality is you don't want to take a lot of interest rate risk in developed markets now, you actually want to favor companies and credit risks."
The 10-year Treasury yield hovered under 1.8 on Wednesday afternoon, but Kiesel said he believed Treasurys where mispriced.
That's because he expects the Federal Reserve will hike interest rates in June or September.
"Rates are going to head higher in the U.S., probably 25-50 basis points over the next six months as the fundamentals come through."
Those seeking rate risk should look to emerging markets like Brazil and Mexico, Kiesel said.
"Emerging markets with commodity deflation are leading to a significant slowdown in growth and therefore central banks in emerging markets, which were tightening, we think eventually will ease. "
Kiesel is also bullish on the U.S. dollar, saying the long dollar is one of Pimco's highest conviction investments.
The economic divergence between the U.S. and the rest of the world and the Fed's plan to raise rates this year while others ease "equals stronger dollar, weaker euro and yen," he said.