Empirical Research dropped an insightful chart explaining something counterintuitive: why the Fed's aggressive rate hikes past 5% didn't crush the economy like many predicted. The answer? Timing matters. Most households and corporations had already locked in their debt at lower rates before the hikes hit. They secured long-term financing when borrowing was cheap, so the rate surge barely touched their balance sheets. This pre-positioning essentially created a buffer zone, delaying the typical pain that comes with tight monetary policy. It's a reminder that market impacts aren't always immediate—structure and timing can reshape outcomes entirely.