"This month, the labor market looks stronger than we previously thought," Dan North, senior economist at Allianz Trade North America said after the Labor Department's exceptionally strong September nonfarm payrolls print.

A surge in U.S. job growth has financial markets betting the Federal Reserve will follow last month's half-point interest rate reduction with smaller moves, and ignited a debate over whether the policy rate ends up at a higher level than previously expected.

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.