Breakeven rates are a measure of what market participants expect average inflation to be over the next 5 or 10 years. As of Wednesday, the most recent day in which data is available from the St. Louis Fed, 5- and 10-year breakeven rates were respectively at 2.1% and 2.21%.

U.S. stocks rallied Friday after a surprisingly strong report on the U.S. job market raised optimism about the economy. The Standard & Poor's 500 climbed 0.9% and got close to its all-time high set on Monday.

Odds of a 50 basis point cut dropped to 0% from 53% last week after the strong September jobs report, according to the CME FedWatch Tool.