Macro Insights Weekly - Risks lurking underneath the US economy

The US economy is poised to end 2025 on a strong note; the outlook for 2026 has some areas for concern, which we highlight in this Weekly.
Sharp sell-off in crypto market suggests a risk-off mood going into the new year.
Concerns about AI-related overvaluation of the stock market will persist.
Jobs data looks somewhat unhealthy and have a late-cycle feel.
Financial sector stability issues could return in 2026.
Inflation could nudge up well past 3% and spoil the party in 2026.