BlackRock's Rieder reveals pockets of the market he likes while bond investors are starved for yield

Rick Rieder
Katie Kramer | CNBC

(This story is for CNBC Pro subscribers only.)

With Treasury yields at historic lows, BlackRock's chief investment officer of global fixed income Rick Rieder said the bond market is almost uninvestable. 

"We're dying for free cash flow in the fixed income market and the Fed's not going to let us have any for a while," Rieder who oversees more than $2 trillion in assets, said on CNBC's "Halftime Report" on Tuesday. 

Rieder also heads BlackRock's Global Allocation team, whose fund is 62% invested in equities and 25% invested in fixed income. The fund has its largest chunk of stocks in the technology sector, followed by health care, discretionary and financials. 

"I think commerce in the world is changing faster than people think," said Rieder. "We could talk about what this coronavirus, what has it done for spring boarding that dynamic, its clearly done a lot."

"The ability to create scale is just extraordinary so the debate of value verses growth I think is a tough one because in where you get growth, in where you get technology lives today, you're ability to create scale, not just domestically but globally is impressive," Rieder added.