What is shaping up to be the worst hurricane in U.S. history hit the mainland Sunday, causing untold billions in damage to Florida and likely putting at least a temporary dent in the U.S. economy as well.
So far, the consensus seems to be that any economic damage won't be lasting. But the possibility that third-quarter growth, at the very least, may slow down, could well throw a jolt into market behavior. Multiple economists have lowered their forecasts for third-quarter GDP, dampening hopes that the economy this year might achieve growth of around 3 percent.
Wall Street is expecting any hit to be quick and bound to pass, but the precise impact is hard to determine at this point.
"As far as hurricanes Harvey and Irma, there certainly have been consequential effects on people's lives. Bigger picture, though, major storms are a regular feature of American history (just think of Sandy and Katrina)," Brad McMillan, chief investment officer at Commonwealth Financial Network, said in a note.
"Despite the damage they cause, they do not change the economy in a meaningful way. So as bad as Harvey was, and as bad as Irma may be, at the national level they should not result in significant changes."