ZIRP is over but rates are not especially high and yet I don’t remember job market being that bad. Maybe employers are taking wait and see approach and avoid hiring developers they expect to layoff in a year or two if models will continue to improve and becoming cheaper at the current pace.

Interest rates are higher because AI.

It was long predicted that the sign that AI is here in macroeconomics is rising interest rates, because investors can get MUCH higher rates of return doing AI investments than borrowing governments, why would I lend money to Greece when I can lend it to Anthropic?