Paul Volker, fed chair in the 80's, raised interest to stop inflation that was getting away. This brought about the farm crisis of the 80's that us old geezers lived and farmed through. Not a fun time.

Many will say it won't or can't happen again. I wouldn't bet my farm on it. Hopefully the rising rate will not have to be in double digit increases like it was back then. If done more slowly business has more time to adjust to the new reality.

We will see. The Fed is between a rock and a hard place. Higher interest rates and the government income from taxes gets eaten up with interest cost as they roll over debt through selling bonds as the old low interest ones mature. Lower interest rates stokes more monetary inflation that eventually ends up as price inflation. They had a lot more room to maneuver to stop price inflation in the 80's. 

Interesting times.