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During the same time the Fed repeatedly suggested that the interest hike would come soon, yet none of these companies prepared for that at all.

I do agree with you that those companies should have prepared for the hike but I also remember Powell saying “inflation is transitory” :p

Well, inflation is demonstrably transitory.

But the impact to these companies is, in general, less about inflation and more about free money.

If you can find a quote for that, I'd be surprised.

As I remember it, the Fed kept saying things were fine until faced with at a hard, cold 8.5% inflation rate.

You say that like they knew that. No, they were thinking it was going to be a recession. It's all just cargo culting nonsense.

> During covid the demand for online services went way up, media consumption, remote work and study.

Has this been quantified? And on the downslope too?