It will be painful at first and many will spin it as a disaster that they predicted. The truth is that lower than natural interest rates changes the structure of capital (what gets invested in and what doesn't). When you remove those low interest rates what eventually is invested in and what is calculated as being profitable changes, and it effects upstream processes with a compounding effect. The result is several processes currently happening in our economy are now calculated as being unprofitable (now that the market is calculating correctly).  This means in the more immediate a lot of layoffs. It's worth it though because once labor is reallocated, real productivity will be up and people will earn more money in real terms, and there will be goods with better real utility on the market (already existing goods with real utility will have a higher production level). Politically it will be a wreck, but the alternative is continuing to run on the Fed's hamster wheel of "full employment", working harder than we have to with less physical substance supporting our toil.