$5,000 Pledge: Trump Campaign Gambles on Economic Stimulus

The Federal Reserve's next move on interest rates has become less clear following last week's underwhelming jobs report. The Bureau of Labor Statistics' (BLS) hiring tally undershot every estimate, recasting the US labor market narrative for the second time in two months.

This unexpected development has raised the bar for a rate increase from the Kevin Warsh-led Fed, particularly given the proximity of the midterm elections. John Williams and Philip Jefferson both hinted that the Fed isn't likely to hike rates again straightaway, with BMO's Ian Lyngen and Vail Hartman arguing that the probability of an October hike slipped to effectively a 1-in-4 chance.

This week's releases will provide further insight into the economy's direction. The Institute for Supply Management (ISM) services index and the preliminary University of Michigan sentiment reading for October are due out, with the ISM data eyed closely for evidence of cost pressures and demand impulse.