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U.S. Economy faces Substantial Hit from Storm Fern

The U.S. economy is likely to suffer a meaningful near-term setback as Winter Storm Fern delivers a sizeable drag on first-quarter growth, according to new analysis from Bank of America. Economists at BofA estimate the storm could shave between 0.5 and 1.5 percentage points off annualised GDP growth in the first quarter, based on historical comparisons with previous nationwide weather disruptions. [...]