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The better-than-expected September jobs report put an exclamation point on a trend that's been underway for the better part of two months now.

US growth data is once again surprising to the upside.

"Forget soft landing, maybe we're having no landing," Interactive Brokers chief market strategist Steve Sosnick told Yahoo Finance. "That's what this jobs report may be telling us."

For investors who have closely followed the economic narrative over the past several years, this should all feel a bit familiar. Just as consensus believed the US economy was finally slowing to the point where it needed help from the Federal Reserve, the data says otherwise. Escalating fears of a "hard landing," where the Fed's restrictive interest rates send the economy into a tailspin, have quickly moved to discussion about a "no landing," where the economy keeps growing and inflation risks once again emerge.

This brings to mind the defining phrase of the surprisingly strong 2023 economy and all the caveats that come with it.

Indeed, we are, once again, so back. Back to a time headlined by calls for strength in the stock market as the Fed cuts interest rates while the economy remains on solid footing. Back to a time when good economic news is "good news" for stocks.

But it's a delicate balance. Too much strength could mean once again seeing good news framed as the precursor to an inflation rebound. As our Chart of Day shows, there have been plenty of moments over the last year alone where markets have been rooting for data to cool off. At times, data that's come in weaker than expectations has been cheered by investors fearful of another spike in inflation and interest rates staying higher for longer than initially hoped.

Markets appear to be wrestling with what the narrative shift means. After initially rallying nearly 1% on Friday after the jobs report, the S&P 500 was off nearly 1% on Monday. This comes as the 10-year Treasury yield (^TNX) added about 20 basis points over the past two sessions to breach 4% for the first time since August.

This move in yields represents how market participants are now adjusting to expect fewer interest rate cuts from the Fed as the economy holds steady. A week ago, investors were pricing in a 34% chance that the Fed would cut interest rates by another half a percentage point in November, per the CME FedWatch Tool. As of Monday, investors were pricing no chance of a jumbo-size cut and instead giving a 15% chance to the Fed not moving rates at all.