A Federal Reserve interest rate increase is unlikely until 2017, according to Craig Bishop, lead strategist for U.S. fixed income strategy at RBC Wealth Management. Bishop commented after Friday's weaker than expected payroll report. Bishop says corporate credit remains his favorite sector, but adds that investors still need to be cautious because some securities are overvalued. He recommends seven to ten year maturities in corporate credit. TheStreet's Rhonda Schaffler has details from Wall Street.