A blowout jobs report has changed the calculus for investors for what the Federal Reserve might do in coming months, resetting expectations for how markets might behave if the U.S. economy continues to strengthen even as global growth lags.

Strong job market growth, along with solid wage gains, has put talk of deflation and collapsing oil prices on the back burner and shifted focus to the Fed's plans to raise rates, perhaps as early as June.

"The market has not priced in an early Fed," said Richard Gilhooly, an interest rate strategist at TD Securities in New York.