That’s what it takes to go from 0 to 5% 10Y rates. A lot of businesses aren’t actually profitable. They can’t cope with “high” interest rates.
The Oligarchs & Fed will continue the "extend & pretend" philosophy they've been using since the Lehman collapse. No one large or systemic will fail. The Fed will lower rates to rescue the regionals that have overexposure to the collapsing CRE & CMBS owners. In short more of the same bailout nonsense. That's all the idiots that run USA understand.
Restaurants enacting all this D.E.I. stuff.... what could possibly go wrong? Special points to Red Lobster, who still kept their ALL-YOU-CAN-EAT deals on, in a woke era of "Body Positivity". But, that's what D.E.I. management does. Why was this any sort of shocker?