Goldman Sachs' top economist predicts the Federal reserve will hike interest rates one-quarter point each quarter.

"Going by about half as quickly as you've gone in past cycles, to me that seems pretty gradual," Jan Hatzius told CNBC.

Under his scenario, "the economy does more or less what it has been doing in terms of growth."

Hatzius forecasts that domestic demands and consumer spending will likely be the main drivers of the economy in 2016.

"2015 was a great year for consumer spending," due to the better labor market, and the big drop in energy prices, the economist said.

And once the central bank finally starts to raise rates, some financial experts predict even more trouble ahead.

Newsmax Finance Insider Michael Carr says that “with Fed tightening on the table for next year, 2016 is likely to be disappointing to many investors. Buy and hold strategies that worked well in the past might not be the best choice for the new market environment.”

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