WASHINGTON: Federal Reserve (Fed) Bank of New York president John Williams has dismissed the idea that the central bank's rapid fire interest rate increases were behind last month's failure of two US banks. The International Monetary Fund (IMF) begs to differ. In its Global Financial Stability Report, the fund tied the closing of Silicon Valley Bank (SVB) and Signature Bank to the aggressive tightening of credit by the Fed. 'As interest rates are being raised, vulnerabilities are appearing,' IMF financial counsellor Tobias Adrian told reporters at a briefing on the report.

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