Weekly Market Commentary 09/08/2017

Mother Nature and a surprising political development dominated the headlines over the past two weeks, as Hurricane Harvey wreaked havoc in Texas even as a larger storm, Hurricane Irma, moved perilously close to Florida as the week drew to a close. Meanwhile, president Trump unexpectedly struck a deal with Democrats to suspend the debt ceiling and fund the government through a continuous resolution that will expire on December 8. The cataclysmic weather had devastating consequences for the affected areas in terms of lost lives and decimated property. However, the ramifications for the economy should be much less consequential, lowering growth by a few tenths of a percent in the third quarter, but imparting a corresponding boost later in the year as rebuilding efforts gain traction.