Last month, the Fed slashed interest rates by a supersized half-point in a bid to prevent the job market from falling apart, Chair Jerome Powell explained in a news conference after the decision was announced.

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.

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.