(Read more: Fed officials could ignore ugly jobs report—for now)
The Fed, which had been buying bonds at a rate of $85 billion per month, voted in December to trim that amount to $75 billion starting in January, citing better job growth and an improving economy.
It had been widely thought that the drawdown of purchases would continue to grow, but Friday's report could change the Fed's thinking when its Open Market Committee meets in late January.
But in Rieder's view, quantitative easing is having no impact on the jobs market, and the Fed should continue to cut its bond buying.
(Read more: 6 must-see moments from 'Fast Money' this week)
"The Fed continuing down the path of tapering makes sense because it clearly doesn't influence unemployment," said Rieder. "This number shows how big of a problem structural unemployment has become."
Rieder pointed to mismatched skill sets and rising employer costs as the true factors driving the labor force.
(Read more: Bet on cyclical rally in Europe: Pro)
Because of his view that Friday's jobs report will not alter the Fed's QE plans, Rieder said that he is focusing his massive fixed income portfolio on long-term Treasurys and muni bonds, adding: "You've normalized interest rates on the long end. We actually like the long end."
—By CNBC's Katie Young. Follow her on Twitter: @KatieCNBC.