As the Fed released their latest statement in the last hour, markets have responded cautiously, quickly dropping below the morning open but slowly climbing back to previous intraday levels. Though the continued mention of inflation concerns is not surprising, this likely rules out any rate drop in the near future.  Without this rate drop, the stock market will likely need to find fresh momentum elsewhere.
    That said, however, there are definite winners to a higher interest rate - for instance, REITs and securities positively correlated to the dollar.  As has been recently discussed, there are a number of specialized REIT ETFs entering the market, as well as the older IYR and RWR.  Other than the PowerShares Dollar Bullish ETF (UUP), securities positively correlated to the dollar might be harder to find in the ETF market, but there are plenty of securities negatively correlated that one could short - for instance, any of the CurrencyShares ETFs, as well as any precious metal funds such as GLD.
 
    There's also news today out of the House that momentum is continuing to build on opposition to Asian currency valuations.  Barney Frank of Massachusetts, the Congressman responsible for the paper tariff against China, was quoted as saying "the fact is that the economic condition of the average American worker has been eroded."  Regardless of whether one accepts this statement or whether one believes that free trade is a better policy, the likelihood of escalating tensions over currency valuation is high. 
    As the House discusses possible methods of waging this currency war, you can expect more coverage on possible ways to hedge yourself.  Though policy decisions of such magnitude and possible consequence can be frightening, with proper research, they can be converted into profit.