Visitors take photographs near the U.S. Capitol in Washington, D.C., on January 2, 2020. Photographer: Andrew Harrer/Bloomberg.

The U.S. government’s debt load is now seen as the biggest risk to financial stability, outweighing persistent inflation in a Federal Reserve survey. “Concerns surrounding U.S. fiscal debt sustainability were atop the list in this survey, followed by escalating tensions in the Middle East and policy uncertainty,” the Fed said in its semi-annual financial stability report.

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