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 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.

They don’t really need to be in a rush right now,” Elyse Ausenbaugh, head of investment strategy at J.P. Morgan Wealth Management, told Fortune.