As the first half of 2023 draws to a close, the venture capital ecosystem is struggling to adapt to a market that has not been seen in years. While the number of factors influencing the market are legion, the benchmark federal funds rate is one of the clearest symbols of change in the market. The current federal funds rate is 5.06%, the highest rate since July 2007, making the low-interest-rate regime that has dominated the financial landscape for the past 16 years roughly the same age as the iPhone.