Following Friday’s jobs data, Bank of America analysts changed their call for the November Fed meeting. They now expect policymakers to cut rates by 25 basis points, rather than 50.

There has been significant job growth across various sectors, indicating a resilient labor market and low recession risks. Read what this means for markets and stocks.

Stocks rallied after data showed nonfarm payrolls grew by 254,000 jobs in September, far outpacing the forecasted gain of 150,000 from economists polled by Dow Jones. The unemployment rate ticked down to 4.1% despite expectations for it to hold steady at 4.2%.

The stakes for the September CPI report are higher after last week's red-hot jobs data. An upside surprise could stoke fresh volatility for stocks.

The Nasdaq Composite rose 1.2%, while the Dow industrials and S&P 500 added about 0.8% and 0.9%, respectively. The blockbuster September U.S. payrolls eased recession fears.