The report illustrates the fact that housing is not defying gravity and is not likely to do so this year. We're going to see chipping away of housing.

This is a sign that the housing market is not exempt from the laws of gravity,

I think this employment report shows that the laws of gravity do apply to monetary policy,

I don't think this report guarantees a pause, but it doesn't stand in the way of a pause if the Fed feels it's something they should look at.

Kate had the shape of a pixie, all noodle arms and legs; and when she bent to the ground and kicked up her feet, it looked as delicate as a spider walking a wall. Me, I sort of defied gravity with a thud.

Investors have become completely convinced that we need to see the housing canary buckle under a little bit. If the housing market softens, then investors will view that as the canary in the cave that indicates that central bankers will not have to be as aggressive.