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smaller and mid-sized banks in the United States that have been under pressure. But all are navigating much more scrutiny from investors broadly. Their world has become much more difficult because interest rates have jumped very high very quickly.

The Federal Reserve and other central banks announced their latest increases to interest rates in recent weeks as they fight inflation that’s still gripping worldwide. Higher rates can undercut inflation by slowing the economy, but they raise the risk of a recession. They also hurt prices for stocks, bonds and other investments.

The Fed has pulled its key overnight rate to a range of 4.75% to 5%, up from virtually zero at the start of last year. It indicated last week that the troubles in the banking system could end up acting like rate hikes on their own, by slowing lending.

The managing director of the International Monetary Fund, Kristalina Georgieva, told a conference in Beijing on Sunday that risks to financial stability have risen as interest rates climbed. She said actions by central banks and other regulators have helped to ease strains on markets, “but uncertainty is high, which underscores the need for vigilance.”