The U.S. economy faces mounting headwinds. Here are the top risks.

The U.S. economy has weathered multiple challenges in recent years, including a labor market slowdown, trade disputes, and rising inflation. However, experts now warn that a combination of new and existing risks could pose a significant threat to its continued growth. Ed Yardeni, a prominent economist, recently highlighted a growing list of concerns in his September 14 report.

The ongoing Iran conflict and subsequent attacks in critical shipping lanes have driven oil prices to a four-month high, with Brent crude reaching $108.45 per barrel and U.S. diesel hitting a record high of $6.23 a gallon. These rising energy costs could further strain consumer budgets, particularly low- and middle-income households who are already feeling the pinch of elevated living expenses.

Inflation, while easing slightly from its three-year peak, remains a concern as oil prices continue to surge. The Consumer Price Index for August showed prices increasing at a 3.4% annual rate, surpassing both expectations and the Federal Reserve's 2% target. The nation's fiscal health is also a cause for alarm, with the federal government's debt surpassing $40 trillion.

Higher interest rates, as the Federal Reserve is expected to implement on Wednesday, could exacerbate the debt burden and increase borrowing costs for both consumers and businesses. The Federal Reserve's decision to raise interest rates could further dampen economic growth, while also putting pressure on stock market valuations.

The artificial intelligence sector, which has fueled much of the recent stock market rally, faces increasing skepticism regarding the consistency of earnings generated by AI companies. If stock market valuations fall and the broader market declines, the "K-shaped economy" could be adversely impacted, with wealthier consumers potentially sustaining the economic momentum while lower-income households struggle to keep pace with rising costs.