Fed Rate, Global Savings and Sovereign Wealth

There is anxiety over the imminent fed rate increase of one quarter of one percent!  Savings are sloshing around drowning and starving less developed countries but what about Sovereign Wealth Funds, such as Saudi Arabia's, drawing down to cover for their spending when oil receipts are low?  This draw down is going to consumption and using up savings.  It's the genesis of a turn in the deflation to inflation cycle.  The fed is correct in directing rates upward.