The amount the US owes compared to its annual economic output - known as its debt-to-gross domestic product (GDP) ratio - is 125.8%, according to the International Monetary Fund (IMF).

It is one of the highest among the world's largest economies.

In comparison, IMF figures show the UK and China's debt-to-GDP ratios are 103.6% and 106.9%, respectively.

Japan has the highest debt burden among the world's major economies with a debt-to-GDP ratio of more than 200%.

The US has longer-term fixed mortgage deals than other countries, such as the UK.

Currently, the average interest rate on 30-year fixed mortgages is 6.67%, according to finance firm Freddie Mac. While borrowing costs for homeowners have been rising, they remain lower than in 2023 when such deals averaged 7.7%.

Minutes released on Wednesday by the Federal Reserve, which sets US interest rates, revealed that concerns over inflation deepened among policymakers at its last meeting.

It said there were "several participants" in favour of increased rates last month. The central bank ended up holding its benchmark interest rate in the current 3.50%-3.75% range for the fifth time in a row.

Many participants also said rate hikes would "likely be necessary if inflation did not decline", with some suggesting interest rates were not high enough to see price rises fall back to the Fed's 2% target for inflation.

The Fed is expected to hold its policy rate steady again at its September meeting after recent data showed inflation eased slightly and firms unexpectedly shed jobs in July.

Additional reporting by Osmond Chia

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