most narratives for everything are just an excuse for macro stuff. we had zirp for basically the entire period of 2008 - 2022 and when that stopped there was huge lay offs and less hiring. I see lots of newer/younger devs being really pessimistic about the future of the industry, being mindful of the macro factors is important so people don't buy into the AI narratives (which is just to bump up their stocks).

If people can get a safer return buying bonds they aren't going to invest in expansion and hiring. If there is basically no risk free rate of return you throw your money at hiring/new projects because you need to make a return. Lots of that goes into tech jobs.