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%.

Treasury yields soared in the bond market after the U.S. government said employers added 254,000 more jobs to their payrolls last month than they cut. That was an acceleration from August’s hiring pace of 159,000 and blew past economists’ forecasts.

The S&P 500 climbed 0.9% and got close to its all-time high set Monday. The Dow Jones Industrial Average rose 341 points, or 0.8%, to set its own record, while the Nasdaq composite clambered 1.2% higher.

U.S. stocks rallied Friday on fresh signs of a strong labor market, with the Dow Jones Industrial Average ending at a record peak while the bond market dialed back recession fears.

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.