BlackRock's Rick Rieder said the surprise jump in May payrolls and other data justifies the move higher in stocks and yields.
"The speed at which employment has come back is breaktaking," said Rieder, global chief investment officer of fixed income at the firm, which manages $7 trillion. He said fiscal and monetary stimulus appear to be working. "I think people understimated all the Fed stimulus that stabilized the market. They were effective."