U.S. Economic Strength Supporting Global Growth But Carries Risk of Prolonged High Inflation

U.S. economic growth above potential emerging as key support for global expansion, but high inflation and tight monetary policy pose risks
Unclear if U.S. success driven by positive forces like more labor and productivity, or outsized deficits stoking inflation
Recent stalled progress on bringing down U.S. inflation already lowering outlook for Fed rate cuts
Extended U.S. inflation fight would constrain other central banks' ability to cut rates
If U.S. economy stays too strong for full disinflation, tight money drag could replace current global growth boost