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.

Surprisingly strong hiring in September has taken pressure off the Federal Reserve by reducing worries over the US labor market, giving policymakers room to continue cutting interest rates at a more gradual pace in coming months.

Famed economist Larry Summers said Friday that the September jobs report shows the Federal Reserve's 50-basis point rate cut was "a mistake," in hindsight.