Hurricane Irma arrived in Florida on Sunday morning after leaving a trail of destruction across the Caribbean and Puerto Rico last week.

The storm system brought 130-mile-per-hour winds to southern Florida, including the major metropolitan areas of Miami. Already, more than 1.6 million houses and businesses have been cut off from power with some estimates totaling 2 million. Luckily, roughly 6.5 million people had already evacuated the southern Florida region ahead of the storm in an effort to limit loss of life. 

Irma arrived as Texas and Louisiana begin to recover from Hurricane Harvey, a category 4 system that tore across the region in late August. That hurricane caused catastrophic, record-setting flooding in Houston, taking the lives of at least 70.

If Irma is anything like Hurricane Harvey, or even Superstorm Sandy, the economic aftershocks will be deeply felt. Sandy, in 2012, cost $73 billion in today's dollars, while Hurricane Katrina in 2005 cost $118 billion. Texas Gov. Greg Abbott has estimated that Harvey recovery could cost more than both, totaling roughly $150 billion to $180 billion.

The after-effects of Harvey are already being reflected in the economic data. Weekly jobless claims in the U.S. posted their largest gain since Hurricane Sandy in November 2012 and the highest level since April 2015. Oil stockpiles ballooned in the past week as the storm knocked out a number of refineries' ability to process crude.

"A complete accounting of the losses associated with Hurricane Harvey will likely take months or even years," Wells Fargo analysts wrote in a note. "Early assessments suggest the storm will be one of the costliest on record in terms of property damage, with large swaths of damages uninsured."

Meanwhile, on the economic calendar, inflation numbers out this week could give the Federal Reserve pause, particularly if they show a more long-lasting trend of softness. Recent weak readings on inflation have been characterized by Fed members as "transitory."

Irma arrives to Florida.
Irma arrives to Florida.

Even if soft inflation sticks around, Fed officials have expressed a willingness to continue on with their rate hike plans. New York Fed President William Dudley said last week the Fed should continue to "remove monetary policy accommodation gradually" even though inflation remains "somewhat below our longer-run objective." Fed hawk Loretta Mester, Cleveland Fed president, also said the central bank cannot wait too long to act given changes to monetary policy take time to impact the economy.

Producer prices out on Wednesday, Sept. 13, are expected to climb 0.3% month over month in August after a 0.1% dip in July, according to FactSet estimates. Excluding food and energy prices, prices are expected to rise by 0.2%. Core prices rose 1.8% year over year in July.

Consumer prices, to be released on Thursday, Sept. 14, are also expected to post stronger growth. Prices are forecast to have increased 0.3%, or 0.2% excluding food and energy, on a month-on-month basis. Core prices have risen 1.7% year over year as of July.

Producer and consumer prices for August will factor into the Fed's next policy decision. The Federal Open Market Committee, the decision-making branch of the central bank, is set to meet for two days beginning on Tuesday, Sept. 19. An announcement and updated forecasts will be released on Wednesday, Sept. 20, followed by press comments from Fed Chair Janet Yellen.

Also on the economic calendar this week: the job openings and labor turnover survey for July will be released on Tuesday, Sept. 12; retail sales and industrial production for August, the Empire State Manufacturing Survey for September, a preliminary reading for consumer sentiment for September, and business inventories for July will be issued on Friday, Sept. 15.

Earnings reports are expected from Cracker Barrel Old Country Store Inc. (CBRL - Get Report)  and United Natural Foods Inc. (UNFI - Get Report)  on Wednesday, Sept. 13; and Oracle Corp. (ORCL - Get Report) on Thursday, Sept. 14.

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