Scott Minerd, Guggenheim Partners CIO, said on Thursday that it's still too soon to make a play on rising interest rates.
"The key right now is not to take a lot of bets on interest rates one way or the other, but to look at what's going to happen over the next year or two as the Fed begins to raise rates," he said in an interview with CNBC's "Squawk on the Street."
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Minerd said that the Fed does not want long-term bond yields to rally at this point in time. "The Fed is shifting its focus from being concerned about getting started too late to now monkeying around with expectations because if the world starts to believe the Fed is going to start delaying to 2016, the long end of the curve may begin to rally again," he said.
He does have an investment play strategy he recommends: "History shows us as the Fed begins to raise rates, that credit spreads continue to tighten and so having some exposure to high yield bank loans is probably not a bad thing to be doing if you're a fixed income investor."