The Federal Reserve may be about to knock over the first domino.

Many Fedwatchers are convinced the central bank is just hours away from announcing the first increase to its benchmark federal-funds rate in nearly a decade. If that happens, there will be repercussions for stocks and bonds, on Main Street and Wall Street, and for economies in all corners of the world. For some, the impact could be felt right away, and for others, the shakeout may be felt more acutely over time, especially if the Fed follows the first rate hike with sustained tightening.

Here’s a roundup from Journal staffers about who wins and who loses when rates rise.

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Written By: WSJ Staff Writers