What happened here? Second depth pass and the toolpath just went haywire

You are trying to make a slotting cut to a depth greater than the diameter of the tool:

How did you arrive at the feeds and speeds you used? See:

Where possible avoid slotting and add geometry and cut as a pocket

and/or

and consider leaving a roughing clearance and taking a finishing pass.

For an example of testing see: Feeds and Speeds: 150 IPM @ 1/4" DOC in Walnut