Fed used 'a wrecking ball, not a scalpel' -adviser

STORY: Some investors believe aggressive U.S. interest rate hikes by the Federal Reserve caused cracks in the financial system.

"We know this wrecking ball is big, [and] we're just not quick enough to move out of the way as it comes back," Yang said.

Problems at Credit Suisse piled more pressure on the banking sector after U.S. authorities relieved investors with emergency measures to prevent contagion after the collapse of SVB Financial and Signature Bank.