I'd argue (#1) emerging markets, (#2) large cities via municipal bonds, and (#3) insurers. We're seeing problems creep into these already with emerging market inflation and social unrest, we're seeing large cities struggle to deal with homelessness, immigration (see #1), organized theft, etc, and we're seeing insurance rates put a green candle through heaven's floorboards, some even pulling out completely from counties and whole states.

Then of course it's deadly for small businesses, high leverage businesses (from biotech to social, basically anything with a ticker symbol that isn't a DOW component, because these can directionally benefit in acquiring going concern companies), banking, and so on. The whole system spent like a decade building around low rates and never prepared for a different outcome.

Honestly, the craziest thing to me was seeing the largest corporations in America borrowing money they didn't need since it was so cheap not to.

In terms of consumer-facing financial services, having now worked for a fintech startup, just understanding the sheer extent of middlemen that purely exist just to borrow money at X% and lending it to the next link in the chain at (X+Y)%.

With the end of ZIRP, the hurdle rate for these kinds of firms exposes the sheer unsustainability of these lines of business. And I'm for it.

I realized that ZIRP is actually a neat little acronym for Zero Interest Rate Phenomena, which works really well given this context

It's like the economic equivalent of UAP (unidentified aerial phenomena)