Goldman Sachs CEO Lloyd Blankfein wouldn't raise rates if it were up to him. 

Speaking at a Wall Street Journal event on Wednesday morning, with regard to whether he would raise interest rates this week — as some expect the Fed might — Blankfein said simply: "I wouldn't do it."

Blankfein also said that the Fed should be data driven in its decision and that the economy doesn't seem to be ready for a rate hike. 

And while markets are fixated on the first rate hike, Blankfein added that he's "not sure how consequential" the first hike is. It is, then, the path of rate hikes after the hike that will matter more for the longer-run health of the economy. 

Now, in some sense, Blankfein is sticking with the Goldman house view, which says the Fed will raise rates f0r the first time in December. 

Additionally, Goldman's economics team thinks that recent development in markets have tightened financial conditions so much that its as if the Fed had already raised rates three times. 

Jon Marino contributed to this report. 

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