Inflation is not a concern in the US at the moment. Especially with the CPI coming out flat in November.
Rather, Europe's debt problem is the dominant concern.
Unfortunately, Fitch Ratings is not optimistic that a solution to the problem can be reached. From Reuters:
The credit rating agency Fitch said on Friday it thought a comprehensive solution to the euro zone's debt crisis was beyond reach, putting six euro zone economies including Italy on watch for potential near-term downgrades.
It reaffirmed France's top-notch triple-A rating but even here said the outlook was now negative, meaning it could be downgraded within two years.
Moody's went one step further and actually cut Belgium's credit rating from Aa1 to Aa3 on Friday.