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.

September's 254,000 new jobs topped consensus forecasts by about 100,000. This means the Fed can probably slow the pace of rate cuts, economists said.

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.