The Federal Reserve's latest survey highlights geopolitical risk as the foremost concern for U.S. financial stability, surpassing its previous ranking. The Spring 2026 report also notes a significant rise in the perceived risk of artificial intelligence, now ranked third, and private credit, which has moved up to fourth place. Meanwhile, inflation and tightening monetary policy have dropped to fifth place. The survey also introduces oil shock as the second-largest risk, a notable change from the previous survey where it was not listed among top concerns. Despite the increased focus on private credit, the Fed considers the risks from redemption requests in this sector to be limited and manageable. Policy uncertainty has seen a decline in perceived risk, falling to eighth place from its previous top position.