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.

If this sounds like a Goldilocks scenario, it's probably not far from it, even with the lingering inflation concerns.