Fed survey respondents put geopolitical risks in top spot in Spring 2026 survey, up one notch from fall 2025 survey; AI climbs to no. 3 from no. 5; private credit climbs to no. 4 from no. 9; inflation/tightening drops to no. 5 from no. 3

Oil shock listed as no. 2 risk in spring survey; was not on list of top concerns in fall survey. Geopolitical risks, oil shock, AI, private credit and persistent inflation/monetary tightening are the top five most cited risks to US financial stability. Risks to financial stability from private credit redemption requests appear limited and manageable. Continued private credit redemptions and negative sentiment could reduce credit availability for some borrowers.