KUALA LUMPUR: The side effects of the persistent raising of the interest rate by the US Federal Reserve System (the equivalent of America's central bank, popularly and affectionately known as the Fed), or more precisely by its Federal Open Market Committee, are slowly emerging and making the rounds both in the US domestically and overseas.

At least two US banks, one focused on the high-tech industry and the other supposedly more crypto-related, went belly up last weekend, sending some tremors across the US and by extension the global banking sector. The main reason for their closures was supposed to be at least indirectly attributable to the Fed's rate hikes.