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.

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.

In U.S. Federal Reserve officials' latest projections and recent public commentary, the overall economy is seen remaining in solid shape but the job market is seen as weakening and a subject of increasingly intense concern.