St Louis Fed director of research - "If you're not ready to raise rates now, when are you going to raise?"

St Louis Fed director of research Christopher Waller on Bloomberg Radio:

• Most economic data has been 'reasonably good'
• If the unemployment rate is still down
• If you get past the drop oil prices, Feb-July CPI inflation running at 2.9% annualized rate and PCE inflation running at 2.2%
• Inflation is a lot closer to 2% than just looking at core on year-over-year inflation
• Inflation will be on target "before we know it"

It's about the furthest thing from a comment from Yellen but it's still another hawkish drop in the bucket and it won't take too many more drops before the level of the water in the bucket rises.