Many market mavens are expecting the Federal Reserve to raise its benchmark interest rate by 25 basis points. A lot has been made about this being the 17th time the fed has raised rates. I wonder if they would be less dramatic if the fed had raised rates 8 times in half point increments.

In any event, a 50 basis point increase followed by a pause would thicken the plot. I don't think a 50 basis point hike will happen, but it sure would be a lot of fun to watch.

The GDP numbers released this morning revealed that the U.S. economy grew "at an annual rate of 5.6 percent in the first quarter," higher than the 5.3% estimate. The good news in the GDP was the improvement in the trade deficit. In addition, the GDP price deflator rose at a lower annual rate than the government predicted last month.

I guess this news, in combination of hopes of a fed pause, and end of the quarter window dressing is adding to today's gains.

For now, we are waiting to hear from the Wizard at 2:15 EST.