Risk of a financial crisis: Could it stem from the Federal Reserve’s rate hikes or from the fact that other central banks are not raising their interest rates?

There is often concern about the risk of a financial crisis (debt crisis, emerging crisis, falling asset prices) linked to a possible excessive increase in the Federal Reserve’s interest rates. But perhaps the risk of a financial crisis is rather linked to the fact that other OECD countries (euro zone, United Kingdom, Sweden, Japan, Canada) are not raising - or barely raising - their interest rates, thereby enabl ing a continued increase in debt and asset prices? In other words, is it still time to hike interest rates to prevent financial imbalances and a financial crisis ( US strategy) or is it already too late and should central banks refrain from raising interest rates since rate hikes could trigger a financial crisis (other countries ’ strategy )?