Moving by just [a quarter percentage point] or perhaps leaving rates unchanged has been made a lot more palatable by the events that have transpired in the past 24 hours.

There could be a dramatic turn in rates. I'm expecting a half-percentage-point move to the upside [in yields] when the turn comes, and I think that will happen within a month.

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.

This [first quarter] is probably going to be our strongest calendar quarter of the year. It's all downhill from here, but that's OK.

I think this is an important first step for the central bank. They didn't want to lower rates too aggressively for fear of sending a signal to the markets that they thought things were completely falling apart.