Traders of Fed funds futures slightly reduced the amount of easing they expect from the U.S. central bank this year and marginally trimmed their expectations for an October cut after the jobs report for September showed a lower-than-expected unemployment rate.

January fed funds futures imply a rate of 1.47 per cent at the end of 2019, having indicated 1.445 per cent just before the release of the data. With an effective fed funds rate currently at 1.85 per cent, that shows there’s around 38 basis points of reductions priced in for this year. Fed funds futures show roughly 19 basis points of cuts priced in for the Fed’s Oct. 30 decision, less than before the data.

The jobless rate unexpectedly dropped to 3.5 per cent from 3.7 per cent, for the lowest since December 1969, even as the amount of positions added to non-farm payrolls last month was less than analysts had forecast.

Investors will also be on the lookout Friday for indications about the path of central bank policy from Federal Reserve Chairman Jerome Powell, who is scheduled to speak at an event at 2 p.m. in Washington.