ZIRP shifted the entire perspective, and tech's method of hoarding talent irrevocably changed how we iterpret business. if an increase to 5% can impact jobs in the 8 digits, reaching in nearly every sector and not just tech, 5% is definitely the new "high". For all the wrong reasons, perhaps. But the genie's out the bottle.

I don't know what the "new normal" is though. I suppose 2025 will be used to figure that out. I don't think 4.75% will be enough.