He reiterated his call for the Federal Reserve to wait to cut its target rate until June or July.
The market is calling the shots rather than the central bank, the economist said.
The economist also said that he hopes the Fed keeps its benchmark interest rate unchanged the rest of the year.
Oppenheimer CIO John Stoltzfus said higher interest rates are not a major problem for stocks.
He hopes the Fed keeps rates unchanged in its next two meetings.
The U.S. junk bond market faces a looming wall of debt coming due over the next few years.
“The risk of yet another policy error, I fear, is quite high,” economist Mohamed El-Erian said.
Rieder said BlackRock has been buying agency mortgages, investment grade credits and emerging market bonds.
Smaller borrowers will feel the brunt of tighter bank lending policies, the economist said.
The firm's chief strategist said tech stocks are overvalued even without an earnings recession.
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