How the U.S. economy adapted to 5% interest rates

One year ago this month, the Federal Reserve pushed its target interest rate above 5% — a step that seemed sure to cause ripples across the corporate landscape and the global economy.To a surprising degree, though, the world has taken the onset of 5% rates in stride.Why it matters: After more than a decade of cheap money, the U.S. economy has adjusted to the new era of high…