It’s been more than a year since US regional banks threatened to fall like dominoes, as anxious depositors lost their nerve and withdrew funds. Silicon Valley Bank (SVB) toppled amid huge markdowns on bond portfolios due to steep and fast rises in interest rates.

Now the Federal Reserve has decided to take a hard look at the risks that might entail from a further hike in rates. Some European observers say it’s a long overdue focus by US regulators on interest rate risk in banks’ deposit and loan