"If we get a good number on Friday, I think you could get a selloff on Friday [of Treasurys]," he told CNBC's "Squawk on the Street" Monday. "I do think we get some sort of a bounce back from the March number."
Feroli expects that about 260,000 jobs were added in April, although the consensus is currently for 225,000.
"I'd focus on the unemployment rate now at 5.5 percent, and the Fed says normal is 5.1," he said. "If we move down a tick or two, I think that would really cement expectations that they would be hiking this year."
David Zervos, Jefferies chief markets strategist, said in the same interview that "the story is that the labor market data has been great, but it hasn't translated into the usual spending that many people would have expected."
"You have this really strong employment data but the translation into GDP and spending is simply not there. If it does take longer to kick in, the Fed will probably be easier for longer and that's probably good for stocks."