The October jobs report came in far below expectations, with only 12,000 nonfarm payroll jobs added to the US economy. Hurricanes Milton and Helene and ongoing Boeing (BA) strikes notably impacted these figures.

Former Federal Reserve Bank of St. Louis president Jim Bullard joins Market Domination to discuss the report and its implications for the US central bank's interest rate decision to come from its November policy meeting next week.

"Looks like the Fed's really on track to look through the noise and continue toward a 25-basis-point decrease in the policy rate at the next meeting," he tells Yahoo Finance, emphasizing that the jobs report was "skewed" while other economic indicators show sustained labor market strength.

"There's always quite a bit of uncertainty in this world, so you have to do the best you can try to extract the signal from the noise," he explains, pointing to strong GDP (gross domestic product) growth and robust economic performance with no signs of an impending recession.

Bullard, the Dean of Purdue University's Daniels School of Business, believes the economy has pulled off a soft landing scenario:

"I think the [Fed] committee has been very successful, and Chair [Jerome] Powell has been very successful in getting inflation down from a peak, which on the CPI [consumer price index], inflation was actually over 9% at one point."

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This post was written by Angel Smith