Credit Suisse bank's headquarters in Zurich

A logo is seen on the headquarters of Swiss bank Credit Suisse on Paradeplatz in Zurich, Switzerland, on Thursday.

The past week has become the moment central bank interest-rate hikes finally started hitting home.

After a prolonged debate about why the most aggressive monetary tightening in decades on either side of the Atlantic had produced little sign of financial strain, turmoil erupted.

Jonathan Ferro contributed to this report.