The blockbuster September jobs report has traders pulling back expectations for a 50 basis point cut from the Federal Reserve at its November meeting.

In an interview with Yahoo Finance after the report's release, Federal Reserve Bank of Chicago President Austan Goolsbee didn't commit to any specific rate-cut path given how much data will be released between now and the next meeting as well as his desire to confer with his Fed colleagues. However, Goolsbee emphasizes that the Fed's goal "is to keep the conditions of the dual mandate, the inflation and the unemployment, almost exactly where they are right now."

Speaking with Yahoo Finance Federal Reserve Reporter Jennifer Schonberger, Goolsbee stresses that this is a period of transition for the Fed. "The hardest thing that a central bank has to do is get the timing exactly right when there are moments of transition. We're in or around a moment of transition right now. We are transitioning from an almost exclusive focus on cutting the inflation rate to a more balanced approach, where we're thinking about the trade-offs and keeping inflation around the target, keeping unemployment around this full employment, sustainable level," he says.

As to what the Fed's neutral rate may be, Goolsbee points to the "dot plot" from the FOMC's Summary of Economic Projections as a guide. However, he cautions that things like worker strikes and geopolitical unrest are "external shocks" that may force the Fed members to pivot, given that those sorts of events have "derailed many a soft landing in previous times."

Be sure to check out the full interview with Chicago Fed President Austan Goolsbee.

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This post was written by Stephanie Mikulich.