On CNBC's "Fast Money," Santoli noted that interest rates on the U.S. Treasury 10-year bond had risen half a point, which was modest.
(Read More: Bond Rates May Inch Up: Jeffrey Gundlach)
"The threat to me has always seemed more a softening up of economic numbers in the summer rather than a hostile Fed," he said.
Santoli also downplayed the fact that mortgage rates crossed 4 percent for the first time in a year, saying the risk wasn't in it "blipping up."
"It's a little more that we have a stutter-step in the pace of that recovery. Doesn't really concern me, but I don't really think that's the thing that's going to take the whole thing down," he said.
(Read More: QE's Effects in 8th Inning: Jeff Gundlach)
Trader disclosure: On June 5, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Stephen Weiss is long BBRY; Stephen Weiss is long LCC; Stephen Weiss is long AAMRQ; Stephen Weiss is long C; Stephen Weiss is long BAC; Stephen Weiss is short BHP; Mike Murphy is long BAC; Mike Murphy is long T; Mike Murphy is long LEN; Mike Murphy is long INTC; Pete Najarian is long AAPL; Pete Najarian is long AAPL CALLS; Pete Najarian is long C CALLS; Pete Najarian is long JPM CALLS; Pete Najarian is long MS CALLS; Pete Najarian is long XLF CALLS; Pete Najarian is long INTC CALLS; Pete Najarian is long YHOO CALLS; Pete Najarian is long BBR; Pete Najarian is long SBUX; Pete Najarian is long FB; Enis Taner is long GS; Enis Taner is long ZNGA; Enis Taner is long T CALLS; Enis Taner is long WMT CALLS; Enis Taner is long VIX CALLS; Enis Taner is long SPY PUTS; Enis Taner is long XLE PUTS; Enis Taner is long XLE PUTS; Enis Taner is long UUP; Enis Taner is long FDX PUT SPREAD.