But interest rates have risen over a full percent since the fed cut two months ago and they are marching higher.

Demand for housing is the lowest level since 1994 by some metrics. No one buying, no one building, equals 18% of the economy at a stand still.

No reason to continue to cut rates either since the stock market and economy "appears" to be just fine and humming along. There should be more pain in the market before they cut again