WILL THE FEDERAL RESERVE RAISE INTEREST RATES?

Perhaps a better question would be, when will the Fed raise interest rates?  My best guess, probably by this summer.  With that in mind, I've been considering some tweeks to my investment strategy to address the affects increased rates would have on my portfolio.  Interest rate sensitive stocks, such as utilities and REITs will take a hit as it becomes more expensive for them to do business.  Banks may do well since increased rates should boost credit card income for them.  

So I stand to take a hit from utilities and the one real estate trust in my current holdings, but it will be a small one.  However, since a raise in rates usually means at least a minor pull back in stock prices, I've decided to concentrate on building cash to prepare for such an event.  Just from my own observations, I've noticed the market tends to slow some during the summer months as people are busy with vacations and summer time activities.  With a normal slump and the added drag of increased interest rates, I'm thinking we'll see some buying opportunities this summer.  With extra cash on hand, it will be much easier to boost current positions by buying in at the lower prices.  Should I be wrong and the market does not experience any significant pull backs, I'm still adding to my current positions through reinvested dividends and I can still use the cash to pay off high interest debt or add more shares.  I don't expect to see any significant increase in interest income from the Fed raising rates, since any rate increase is likely to be small starting out.