Market Irrationality and Vulnerability Amidst Expectations for a Booming Economy in 2018

Hurricane-Disruptions Boosted Recent Headline Economic Activity,
With Continued Upside Impact on October 2017 Durable Goods Orders

Nonetheless, Orders Contracted Both Before and After
Consideration of Inflation and Volatile Commercial Aircraft Orders

Real Orders Remained Down by 11.6% (-11.6%) from Recovering Pre-Recession Peak

Monthly Gain of 2.0% in October Existing-Home Sales Included a
Downside Revision to September Activity and Some Hurricane Recovery, Along With a
Year-to-Year Sales Decline of 0.9% (-0.9%)

With Monthly Activity Still Shy of Recovering Its Pre-Recession High by 24.6% (-24.6%),
Smoothed Existing-Home Sales Continued in Low-Level, Faltering Stagnation