How America Inc defeated the Fed

The Federal Reserve’s interest rate sword looks dull. Here’s how corporate America insulated itself against higher rates.

It looks like nothing can stop corporate America. Revenues and profits across the nation keep rising. American businesses generated $2.8trn of annual after-tax profits in the second quarter, according to the Bureau of Economic Analysis. That's up from $2.6trn 12 months ago, a 6.6% increase. America Inc, as we will call an imaginary company made up of al…