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And JPM economist Michael Feroli said.......>

US VIEW
US VIEW: And JPM economist Michael Feroli said that "sources within the
insurance industry as well as J.P. Morgan's insurance industry research team
estimate that the physical damage will be in the $10-$20 billion range. This
would put Harvey in the top ten costliest storms, but still well below the $159
billion estimated damage from Katrina. The midpoint of the $10-$20 billion range
is about 0.1%-pt of GDP."
- He adds that "total damage, and total rebuilding, should be greater than this
amount, as invariably there will be uninsured losses that will be repaired. Even
taking this into account, we believe the overall impact on GDP in Q3 and Q4 will
be quite small, consistent with the historical experience. For this reason, we
are not changing our top-line GDP forecast. While Harvey may not be a
game-changer for the expansion, it may leave its mark on the high-frequency
economic data.

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