The longest drumroll in the 102-year history of the FederalReserve precedes its next interest-rate increase. That doesn't meansome of its effects won't be surprising.

“This is a major inflection point,” said Erik Davidson, chiefinvestment officer for Wells Fargo & Co.'s private bank. “Theend of free money is in sight.”

The policy-setting Federal Open Market Committee meets thisweek. It's expected to push the “liftoff” of interest rates till atleast September. In preparation, here are some expected winners andlosers and those whose fortunes are likely to stay steady after theFed and its chair, Janet Yellen, raise the benchmark rate for thefirst time since 2006:

WIN: The greenback

The U.S. dollar will keep rallying after the rate increase, saidDaniel Tenegauzer, head of emerging market and globalforeign-exchange strategy at RBC Capital Markets in New York. Othercentral banks are cutting rates and expanding the money supply,weighing down their currencies.

“The Fed hikes, the dollar appreciates,” Tenegauzer said.

LOSE: Federal budget

The U.S. government could pay as much as $2.9 trillion more ininterest over the next 10 years if rates slowly escalate, accordingto calculations by the Congressional Budget Office and Dean Baker,co-director of the Center for Economic and Policy Research inWashington.

DRAW: Savers

What Christopher Whalen, senior managing director at Kroll BondRating Agency Inc., called the “huge wealth transfer from savers todebtors” over the last six-plus years of near-zero rates willprobably continue. Returns on money market funds, longtime havensfor retirees and others on fixed incomes, have cratered tonear-zero from 4.79 percent in October 2007, before the financialcrisis, according to Crane Data LLC. Savers will likely be the lastto benefit from higher rates.

WIN: Global stocks

A stronger dollar from the rate increase will boost U.S. demandfor products from Asia and Europe, helping lift corporate profitsin those regions. The U.S. stock market will still be able to ekeout more gains, said Matthew Whitbread, who helps manage $11billion for Barings Asset Management. Banks will benefit becausethey'll be able to profit more from making loans, he said.

LOSE: Corporate borrowers

Companies have been borrowing like crazy the past few months asif trying to get their last loans and bonds secured before the rateincrease. That's made it easier for them to buy back shares and paydividends—things that make them look more attractive to investors.All that's poised to end, said Charles Peabody, an analyst atPortales Partners LLC in New York.

“There are a lot of pressures on management to lever up toimprove returns,” Peabody said. “It will be a problem if interestrates go up.”

DRAW: Mortgage rates

The Fed is signaling that it'll move cautiously once it raisesrates. That could help limit any upward push on longer-termTreasury yields, said Priya Misra, head of U.S. rates strategy atBank of America Merrill Lynch in New York. In turn, that will keepmortgage rates from rising rapidly.

WIN: Insurance companies

Since they invest customers' premiums with the aim of being ableto cover losses with the profits, insurance companies hate thezero-interest-rate policy, or ZIRP. U.S. property-casualty insurersare earning an average annualized yield of 3.1 percent oninvestments, the lowest in half a century.

That will improve, albeit slowly, as the Fed raises rates, saidDouglas Meyer, an analyst at Fitch Ratings.

“It'll have an impact over time, a favorable impact on earningsacross virtually every product line,” Meyer said.

LOSE: Emerging-market economies

Brazil, Turkey, and South Africa will likely have a tough timein the second half of 2015 because money will flow toward the U.S.,said Stephen L. Jen, managing partner and co-founder of SLJ MacroPartners LLP in London.

“Already, the currency markets are again showing signs of stressand I feel that there will be moments later this year thatinvestors will smell panic in these markets,” Jen said.

DRAW: Commodity prices

Boom and bust cycles in commodities are decades in the making,so a rate increase would have little effect on recent pricedeclines, said Robert Stimpson, a fund manager at Oak AssociatesLtd. in Akron, Ohio, which manages about $900 million.

In other words, don't blame Yellen.

WIN: The Fed

A rate increase means the U.S. economy has improved—a missionaccomplished for the most powerful financial institution in theworld.

“They've been given a job to do, and a rate hike is a sign thatat long last there's material progress in the business cycle,” saidLou Crandall, chief economist at Wrightson ICAP in Jersey City, NewJersey.

LOSE: The Fed

With a “ceremonial rate rise” coming and the end of itsbond-buying program, the Fed has emptied most of the bullets fromits figurative gun and won't have the ammunition to lift theeconomy if there's another downturn, said Daniel Alpert, managingpartner of Westwood Capital LLC.

Likewise, raising rates and then having to cut them again wouldbe the Fed's “nightmare scenario” and it will do its best to avoidthat, said Aneta Markowska, chief U.S. economist for SocieteGenerale SA.

DRAW: The Fed

Jon Mackay, senior markets strategist at Morgan Stanley, saidthe Fed has already begun tightening credit—by reducing thebond-buying stimulus known as quantitative easing.

“We're 18 months into the tightening process,” Mackay toldBloomberg TV. “We're in the middle stages.”

Mackay struck a note of relief: The rise could be a good thingfor the economy and for the markets, he said, “versus all thisnervousness around when is Yellen going to hike and what colorsweater is she wearing today.”

–With assistance from Daniel Kruger, Doni Bloomfield, SusanneWalker Barton, Sonali Basak, Ye Xie, Michelle F. Davis, Liz CapoMcCormick, Jody Shenn, Lisa Abramowicz and Matthew Boesler in NewYork, Craig Torres in Washington and Noah Buhayar in Seattle.

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