On the other hand, the world is a mess, inflation still lurks, and there’s a contentious election in November. Given all of that, a data-driven Fed is likely to stay the course.

The U.S. economy added 104,000 more jobs than anticipated in September, underscoring the resilience of the labor market and likely ensuring a more measured pace of interest rate cuts from the Federal Reserve.

The September jobs report will be pivotal for markets because it holds implications for future Fed interest rate policies.