If they hold rates steady and don't change the tone of their comments, which are already hawkish, there is scope for a correction in the euro, especially against the yen.

(The comments) were just unfortunate,

We've already got a lot of the film breakdown done,

They set the tone very early. It was 6-2 and we were already back on our heels and never really recovered from there.

These numbers give the Fed license to cut rates as much as necessary.

You're seeing inventories creeping up and affordability pinching more and more, and you're seeing long-term rates creeping up. All that suggests a trimming of housing activity.