After Thursday's sharp selloff in the stock and bond markets, what does this jobs report mean for the Federal Reserve and the central bank's interest-rate path?

Concerns about rising inflation have sparked questions over whether the Fed will have to lift rates at a faster pace in order to keep the U.S. economy from overheating. Following today's report, some experts said they aren't too worried.

"I'm more concerned with the Fed's balance sheet," said Gibson Smith, chief investment officer for Smith Capital Investors. "I think the Fed is going to be slow and steady and let the market do their work for them."

Even so, the market is paying attention to September's unemployment rate ticking down to 3.7%.

"As unemployment continues to fall, that will add more fuel to the fire about inflation expectations, especially on the wage front," said Mr. Smith. "It's definitely going to keep the Fed in motion."