We are in a very mature cycle. I think the Fed has limited tool-kits, but it has more in a toolkit than other central banks, which is why betting against the Fed at-least in the short term is probably risky because there is some flexibility there.
You may want to sit more passively and buy the dip for the rally into year end. I think we will have a rally post elections irrespective of who wins. I think the real hard work begins next year.