After the Federal Reserve's meeting last week, most economists concluded that it won't raise interest rates until the second half of 2015.

But Rick Rieder, chief investment officer of fixed income at BlackRock, says the consensus is too complacent. "Our view is that the data will give them [the Fed] a window to do it [lift interest rates] sooner than people think," he tells The Wall Street Journal.

Rieder says the Fed may act as early as the first quarter of next year.

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The central bank's federal funds rate target has stood at a record low of zero to 0.25 percent since December 2008.

Consumer prices have risen 2.1 percent in the year through May. While some economists maintain that inflation isn't a real concern, Rieder expects it to accelerate in coming months in synch with the economy.

That would send bond yields upward and push the Fed to raise rates, Rieder says. To be sure, he doesn't see inflation as a long-term threat.

Others apparently don't share Rieder's concern just yet.

"The market is giving the Fed the benefit of the doubt that Yellen and crew have everything under control," Robert Tipp, chief fixed-income strategist at Prudential Financial, tells Bloomberg.

"Inflation is not overheating, even with job growth stable and the economy continuing to accelerate."

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