September 11, 2017
Hurricane Irma struck Florida as expected but the resulting damage proved less than expected. Yet there will be plenty of economic impact from Irma which has left much of the state without power and which will affect both the state's short-term production and consumption.
Demand for risk picked up sharply with the Dow jumping 1.2 percent to 22,057. Gold dropped $20 to $1,330 as part of a move out of safety. Bonds were also sold with the 10-year rose Treasury yield up 7 basis points to 2.13 percent. Oil rose 50 cents and is back over $48 but wholesale gasoline prices fell, down 0.7 percent to $1.64. The dollar index, which fell sharply last week, rose 0.5 percent to 91.96.