United States
Cover -- CONTENTS -- A ROBUST AND CONTINUING EXPANSION -- RISING MEDIUM-TERM FINANCIAL STABILITY RISKS -- THE POTENTIAL FOR A RISING EXTERNAL IMBALANCE -- TROUBLING SOCIAL OUTCOMES -- THE U.S. FISCAL POSITION IS UNSUSTAINABLE -- MONETARY NORMALIZATION-REST STOP OR END OF THE LINE? -- A MORE OPEN, STABLE, AND TRANSPARENT, RULES-BASED INTERNATIONAL SYSTEM FOR TRADE AND INVESTMENT -- GOVERNANCE AND TRANSPARENCY -- STAFF APPRAISAL -- BOXES -- 1. Macro-Financial Links Between Household Wealth and Consumption -- 2. Financial System Oversight Since the 2018 Article IV -- 3. Recent Developments in the U.S. Energy Sector -- 4. Outward Spillovers of Trade Tensions -- 5. The Social and Macroeconomic Toll of Opioid Addiction -- 6. Social Assistance Programs -- 7. The Impact of the Corporate Income Tax Cut -- 8. Salient Risks to Growth and Inflation -- 9. Hysteresis and the Scope for Continued Monetary Accommodation -- FIGURES -- 1. An Enduring Expansion with Low Inflation -- 2. Financial Sector Vulnerabilities -- 3. The Nature of Poverty in the United States -- 4. A Decades-Long Rise in Income and Wealth Inequality -- 5. A Secular Decline in Socioeconomic Mobility -- 6. Education Indicators -- TABLES -- 1. Selected Economic Indicators -- 2. Balance of Payments -- 3. Federal and General Government Finances -- 4. Core Financial Soundness Indicators for Deposit Takers -- APPENDICES -- I. External Sector Assessment -- II. Risk Assessment Matrix -- III. Public Debt Sustainability Analysis -- IV. External Debt Sustainability Analysis -- V. Implementation of FSAP Recommendations -- CONTENTS -- FUND RELATIONS -- STATISTICAL ISSUES.