It's delusional to think that this won't have effects on most HNers employment/salary.

So be careful what you wish for

What? Why do you think HN readers are working for companies impacted or dependent on some way?

I conjecture a huge fraction are entirely independent of SVB FDIC shenanigans.

More tame inflation for people who maintain their good paying jobs will be in an even better position

Deflation is always worse than inflation. 1930s is always worse than 1980s.

Like how deflation totally wrecked the PC industry because nobody ever buys computers, knowing that tomorrow's model will be more capable and less expensive? Or how if we knew grocery prices were going to be lower in a year, most people would forgo buying food and starve? </s>

The prices of things naturally want to go down - this is exactly what market optimization aims to do. The Fed has been creating ever more new money to erase the gains of economic and technological progress. If this new money were being spent by congress on tangible projects, then at least we'd have something to show for it. But instead it has all been wastefully dumped into creating an asset bubble that's just a huge handout to the rich. If you want to know the cause of ever growing rich-poor divide, look no further.

Don't care. It was all inflated salaries from unprofitable companies who depended on pumping VC cheap capital every month. They need to now show that they are profitable.

We also will now see which startups can afford to hire developers at over $350K/yr + bonus + stock options in an adverse, unfavourable market without VC capital. Oh wait...

   None.

Exactly. The gravy train was powered by hopes and dreams and leverage not profits.

“A socially destructive practice benefits you, so you shouldn’t wish for it to stop.”

Wrong. You should, and I always bite that bullet.

Honestly, on a national scale (never mind international) we're the lucky ones. A slowdown that mainly hits us is better than a crash that hits everyone.

What's somewhat bad for the <1-5% of the nation isn't also bad for the rest of the workforce. Sane interest rates benefit all especially when it comes to valuations.

Real interest rates (nominal interest rate minus inflation rate) is still negative.

No? Overnight rate is 5% and last month/3 month inflation is running under 5% saar no matter which measure you use.

Core CPI is above 5% by many measures (annualized using recent months numbers). Median CPI, which removes outliers, was 0.6% MoM last month.

https://www.clevelandfed.org/indicators-and-data/median-cpi

That being said, I don't think the effect of the funds rate will be felt linearly like most academic models assume, and don't think funds rate has to be above CPI to be restrictive.