Commentary Last week, the Fed finally drew a clear line. We’re probably going to get a quarter-point rate hike by May—and then another by July—and at least one more before Thanksgiving. A year from now, overnight lending rates could be a full percentage point above where they are today. If you’ve been conditioned to get nervous when long-term rates creep above 1.5 percent, that scenario might look like the end of the world. After all, the S&P 500 is currently priced at an inflated 21X projected earnings. Normally we start to get nervous above a P/E ratio of 18 or 19. For the market as a whole to revert to that level, earnings need to be shockingly good in the coming year or the S&P 500 needs to dip at least 15 percent before its valuation makes sense again. Yikes! But if this is the beginning of the end of the world, …