The report from the Labor Department was published a day after the Federal Reserve held interest rates steady but stiffened its hawkish stance, with a further rate increase projected by the end of the year and monetary policy to be kept significantly tighter through 2024 than previously expected.

Speaking to Reuters' Lisa Bernhard, Cipolloni added that higher wage demands by striking employees - including those made by members of the United Auto Workers - could make it more difficult for the Federal Reserve to bring the annual inflation rate down to its 2% target.

Cipolloni also discussed the winners and loser in a higher-for-longer rate environment.

And, finally, he weighed in on how a major management shift - like Thursday's announcement that Rupert Murdoch will step down as Chairman of Fox and News Corp., succeeded by son Lachlan - has historically affected markets.