Citi on the impact of the storm:

  • Storm Harvey seen posing 0.1 percentage point drag on US Q3 GDP, slight economic boost in Q4 2017, Q1 2018
  • Gasoline price rise may raise headline US inflation in September but unlikely to increase overall inflation
  • Post-Harvey relief spending seen adding another variable in congressional budget, debt ceiling negotiations

Their pints make sense I suppose. Politics is so volatile in the US the conclusion that "seen adding another variable" is probably the best conclusion to draw.

On the expected impact on GDP - both Goldman Sachs and Citi expect Harvey to subtract from third quarter GDP. In contrast, JP Morgan says it will boost growth in Q3.