Fitch: America's ratings are constrained by high fiscal deficits, huge interest burdens, and high and rising levels of government debt. The US debt ceiling is expected to be hit around mid-2027. The US inflation rate is expected to average 3.4% in 2026. Tariffs have led to a rise in core commodity inflation, but the transmission effect was milder than expected.

Fitch: America's ratings are constrained by high fiscal deficits, huge interest burdens, and high and rising levels of government debt. The US debt ceiling is expected to be hit around mid-2027. The US inflation rate is expected to average 3.4% in 2026. Tariffs have led to a rise in core commodity inflation, but the transmission effect was milder than expected.