Inflationary pressure can be linked to the massive fiscal stimulus by governments to address the COVID-19 pandemic, supply chain issues, geopolitical uncertainty, and rising energy prices. Rising interest rates coupled with the bank's strong commercial loan growth, whose balances were up 10.5% from last year, should serve as a tailwind to U.S. Bancorp's business. While a slowing economy poses a risk to U.S. Bancorp, the bank is still well-positioned to profit from rising interest rates with its high-quality loans, and should see business pick up as travel, airlines, and hospitality sectors bounce back.