Fed president: Houston, Texas economy will suffer post-Harvey, but growth will return

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The Houston area and broader Texas economy will take a short-term hit in the wake of Hurricane Harvey, but growth will return, a top Federal Reserve banker said this week. “What tends to happen is you have an initial drop, then you have a period of rebuilding and recovery,” Dallas Federal Reserve President Robert Kaplan said. “Katrina and others have shown us that, after a period of time, you eventually typically get back to the level of GDP that you had and resume your trending growth rate.” Kaplan’s…


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