It is one of those sessions where the market was struggling for direction. However, comments from the two regional Fed speakers are giving it momentum, and now, the S&P is up more than 50 bps.

Bullard noted this morning’s CPI was ‘encouraging’ with inflation going in the right direction. While Fed Harker suggested the Fed may be open to slowing the pace of rate hikes. Barkin is scheduled to speak at 12:40pm, but his remarks won’t be televised.

Now, odds for a 25-bps hike at the next meeting are up to over 93%.

Eights sectors are posting gains, but only Energy is up more than 1.5%. WTI is on track for sixth straight gain.

A weak dollar and lower rates could eventually reignite the rally.