Just a year ago, the ten-year treasury's yield was 1.4 percent. This month, however, the 10-year's yield is up to over 3.6 percent, and throughout the economy, debtors are finding that debt service isn't nearly as cheap as it used to be.  Employers in the tech sector are responding as one might expect. Meta/Facebook has announced 11,000 layoffs. Amazon will soon lay off 10,000 employees. Twitter has laid off at least 3,700 employees. Stripe, Microsoft, and Snap have each laid off about a thousand workers. Salesforce and Zillow have laid off hundreds. Dozens of other firms have slowed or frozen hiring.

Thanks to rising debt costs, employers need to cut costs, but many employers will soon be facing declining revenues as well. Given that a multitude of indicators point toward an approaching recession—the yield curve is now the most inverted it's been since 1982—this is likely just the beginning.