It seems like the whole world is facing a financial crunch. Based on my personal observations, I think several factors contribute to this situation:
International Instability: Ongoing conflicts such as the Russia-Ukraine war and the prolonged tensions in the Israel-Palestine region.
Rising Interest Rates: The U.S. dollar entering a cycle of increased interest rates.
Post-Pandemic Aftermath: The lingering effects of the COVID-19 pandemic.
"Who knows". This is typically find I find myself telling myself when it comes to this question, which working in finance is a question that I or my clients find ourselves asking pretty much every year.
As for your second bullet point, rising interest rates in the US. I think that is going to start leveling out and I'm not sure it's supposed to continue the way it has now that inflation has "come back to earth". I think moving forward me might start seeing inflation stay around where it is right now, but we shall see.