Tbh, I'm not sure most Software Engineers even really understood what the ZIRP era was and how it affected them. I tend to agree with you that I don't buy that it'll be a huge adjustment either, but I don't think it's cyclical either (but I could see why you would think that). I think with ZIRP ending, companies will be a lot more intentional about investments, hiring, projects, really everything. So instead of just following the crowd like most companies did in 2020 and just start hiring and handing out insane compensation like crazy, I think we'll see a big reel back from that and then a slow stagnation of hiring, promotions, raises, etc. as companies look to avoid peaking so high and falling back down so much.