Rate hike cycles aren't all created equal. The speed matters more than most realize.

Fast cycles shock the system differently than slow grinds. Fast ones break things quickly—you see the cracks in credit markets, housing, overleveraged plays. Slow ones give everyone time to adapt, refinance, pretend everything's fine... until it isn't.

History shows both paths lead to the same destination eventually. But the journey? Totally different pain points.

The question isn't just where rates go. It's how fast we get there—and who gets caught offside along the way.