[datacruncher01]

I'd say the simpler answer is likely the right one. Rates being higher means it's more expensive for the business to maintain it's cash flow. Shouldn't be an issue for a company like Google but here's the rub, an exec at one public company sees a peer at another (that's probably doing worse financially) drop headcount and a rise in stock, if that exec doesn't do the same they get perceived as not doing enough and see a dip in stock. So they drop headcount too.

While it sucks for those who get the boot, this has the benefit of raising salaries overall. Because the company that does this usually cuts too much and has to later rehire at market rates which rise over time.