US: Battening down the hatches - ANZ

In the US, the devastating hurricane Harvey dominated headlines overnight, with damage estimated to range between USD30bn to USD100bn according to insurance analysts, notes the analysis team at ANZ.

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“The Houston metropolitan area accounted for 3.1% of US GDP in 2015, while the Port of Houston is the busiest in the US in terms of foreign tonnage and the largest on the Gulf Coast. More rain is forecast for at least the next 24 hours and more than 36 inches of rain have already been recorded in some cities. The impact is likely to weigh on near-term US data releases creating some additional uncertainties, alongside the political ones, on the underlying performance of the US economy.”