The Fed could raise interest rates three times. Here's where the market could face the stiffest test.

By Greg Robb and Joy Wiltermuth

Economists note that the Fed historically has not been content to raise rates only once

Federal Reserve Chairman Kevin Warsh has stressed his concern about the outlook for inflation. The markets expect an interest-rate hike next week.

With financial markets convinced the Federal Reserve will hike interest rates on Wednesday, two questions naturally follow: How high will rates go, and will tighter monetary policy lead to any breaks in financial markets?

Economists note that the Fed historically has not been content to raise rates only once.