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.

September's 245,000 new jobs topped consensus forecasts by about 100,000. This means the Fed can probably slow the pace of rate cuts, economists said.