Here's why the economy has been so resilient in the face of rate hikes - and why stocks aren't at risk as the Fed keeps policy tight

• Many businesses and consumers are locked into low-cost debt, insulating the economy from rate hikes, BofA says. 
• The economy will slow "meaningfully" when rate hikes are ultimately felt, but it won't bring a recession.
• Stocks can still do well as rates rise and interest rates still aren't that high relative to history, BofA notes. 

The Federal Reserve has briskly raised interest rates to rein in red-hot inflation brought on during the pandemic, and investors have been on edge trying to assess the impact of the central bank's efforts.