Jamie Dimon: "It's time to raise rates"

Yellen gets the blessing from the King of Wall Street

JPMorgan CEO Jamie Dimon spoke in Washington today and offered a green light for the Fed.

"A 25-basis-point increase is a drop in the bucket," he said , speaking at the Economic Club of Washington, D.C. "Let's just raise rates. You don't want to be behind the eight ball on this one, and I think it's time to raise rates."

The Fed funds futures market is pricing in a 21% chance of a hike, but he's a dangerous man to bet against. If the Fed does hike and it all goes badly, Dimon isn't going to come out of it looking very good.