The US economy got off to a rough start in Q1 from the increases in the benchmark federal funds rate by the Federal Reserve to curb persistent inflation. The approval of another quarter-point interest rate in the May FOMC meeting marked the central bank’s tenth consecutive rate hike in 14 months.  

The fastest rate-raising cycle in 40 years, unhedged interest rate and market risks, and fear of contagion contributed to the recent collapses