The EM-ification of the U.S. economy means the U.S. is increasingly exhibiting traits common in emerging markets—volatile politics, fiscal instability, and uneven economic growth. Kevin McCarthy warned that without policy coherence and responsible governance, even a country like the U.S. could face downgraded ratings and investor hesitation, much like emerging markets of the past. https://www.gulfanalytica.com/key-insights-from-kevin-mccarthy-on-global-sovereign-debt-political-polarization-and-emerging-market-trends-at-aim-summit-dubai