The US central bank increasingly needs an understanding of meteorology to see where the economy is headed
The writer is a former chief investment strategist at Bridgewater Associates While the US Federal Reserve may not want to complicate its policy mandate by incorporating climate considerations, it increasingly needs an understanding of meteorology to see where the economy is headed. Hurricane season started on June 1, providing a timely illustration of the weather-driven challenges faced by the Fed, which holds a monetary policy meeting next week.
US home insurance, especially in parts of the US more prone to weather events, is rising significantly. A March report by the Federal Home Loan Mortgage Corporation, or Freddie Mac, estimated that the annual homeowner’s insurance premium increased between 2018 to 2023 by more than 40 per cent. While a significant part of this reflects higher home and land valuations, Freddie Mac attributes some of the higher cost to greater risks of weather events such as hurricanes.
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