A giant in the field like Paychex (NASDAQ: PAYX) , which has already been benefiting from steady employment growth, gets a separate benefit in terms of higher short-term yields. Leaving its federal funds target rate low for too long could lead to bouts of high inflation, which has historically proved to be bad for the U.S. economy and investors. When factoring in Bank of America's shrinking costs via branch closures, each quarter-point hike in interest rates could mean $0.10 or more in annual EPS gets added to B of A's bottom line.