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Strong jobs report begs a key question of Fed

Through the prism of The Good, the Bad and the Ugly on Wall Street, here are three top items for investors on Friday.

The Good
Good jobs news good for markets

Job growth bounced back in September after a disappointing August, with the U.S. economy creating 248,000 nonfarm payrolls. The unemployment rate fell to 5.9 percent. Since both numbers were better than expected, it begged the question: What's the Federal Reserve waiting for to start increasing interest rates?The reason, former Obama economic advisor Austan Goolsbee said on CNBC Friday, there's no inflation.

Read MoreJob creation showsrebound in September

The Bad

On this jobs Friday, Caterpillar Chairman and CEO Doug Oberhelman told "Squawk Box " there are about 600,000 highly skilled, well-paying manufacturing jobs available in the United States. As chairman of the National Association of Manufacturers, Oberhelman should know, and he said those jobs are going unfilled because the right workers can't be found.

The Ugly
Alan Greenspan, former Federal Reserve chairman
Adam Jeffery | CNBC

Former Fed Chairman Alan Greenspan told CNBC he's concerned about how longer-term rates would react to a short-term tightening by the central bank. "The major concern that everyone has obviously is once you get the interest rate movement in place it takes on a life of its own," he said.

Read MoreGreenspanfrets over Fed losing control of rates

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