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Fed Chair Janet Yellen announced Dec. 16 that the central bank would raise interest rates for the first time in almost a decade. Any further monetary tightening will be gradual and contingent on continued economic health, she explained, projecting that rates would rise 3 percentage points in three years. What should the average consumer make of all this economic commentary? Here’s who wins and loses.

International Monetary Fund (IMF) forecasts imply that emerging and developing countries are converging with advanced-economy living standards at less than two-thirds the pace we expected a decade ago. Some key countries are not on track to converge at all. That is at odds with the promise of globalization, which should generate faster convergence through increased connectivity, greater opportunities for technology transfer, more mobile and available capital, declining poverty and better education.