STORY: "I would like to see the Fed, sort of, raising rates and doing something that's a little bit of a shock factor, to say, 'we mean business.' And I really haven't see that," he said.

"OK, the market will plunge. But I would rather see the Fed show us that they are serious about getting inflation under control."

Investors hoped the consumer price index (CPI) for August released earlier this week would show inflation peaking but instead it's proving to be a vexing problem that the Fed is struggling to tame.

CPI rose 8.3% on an annualized basis, or more than economists' expectations of 8.1%, causing market turmoil.