Just as Wall Street traders come to grips with the Federal Reserve’s interest-rate cut, Friday’s US options expiration threatens to whipsaw the market some more.

In the aftermath, economists and traders moved to adjust their forecasts and wagers to account for the Fed’s new narrative. Goldman Sachs Group projected a longer string of consecutive cuts, while JPMorgan Chase’s economists reiterated their call for another half-point reduction in November even as they pointed to jobs data as key to their view.