The bond market does not appear to setting off major alarm bells, David Joy, chief market strategist of Ameriprise Financial, told CNBC on Friday.

"I'm willing to bet that it's just a mirror image of what's going on in stocks right now, rather than a leading indicator," he said on "Squawk Box," a day after the tanked more than 2 percent, while the 10-year Treasury yield fell to nearly 1 month lows.

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Joy described Thursday's downdraft in the broader stock market as "collateral damage" from localized action in momentum plays "washing out."

"I don't think this is the start of a broader correction," he said, because the economy is better than the 2 percent growth recorded in the first quarter. "I think the second quarter is going to be above 3 [percent]."

One of the reasons it's been difficult to gauge the economy: The weather is still winding its way out of the numbers, Joy argued.