Intraday Update -Averages Near Best Levels of the Day

1:04 p.m. ET The averages sit near their best levels of the day. Helping the rebound effort is a -0.5% decline in the U.S. Dollar Index. Some of this follows a report from the NY Fed that 1-year inflation expectations hit 1 year lows as household spending falls off a cliff as the Fed’s tightening…