Most of Florida will be spared the worst
The sound of disaster officials in Florida today is sigh of relief as many parts of the state dodged the worst of the storm. Pockets will be absolutely wrecked but damage estimates that had been as high as $300 billion have been downgraded to $49 billion, according to Enki Research.
The storm surge still hasn't hit Tampa but is now a tropical storm.
Current satellite imagery of Hurricane Irma, now a Category 1 storm moving north #HurricaneIrma pic.twitter.com/c6yhI27mRq
— morning dose. (@morningdosetv) September 11, 2017
It was weakened after making landfall in Cuba and pushed west -- in part -- because of the surprising strength of Jose. That small shift prevented what could have been the costliest disaster in US history.
The US dollar and bond markets are telling the story on Monday. USD/JPY is up a full cent to 108.94. US 10-year yields are up 6.6 bps to 2.12%. Both had been depressed by fears about storm damages.
The USD/JPY chart, in particular, is a fascinating one as it rejects the April low.
