Richmond Fed President Jeffrey Lacker said on Friday that the Fed should start raising its interest rate.

"I am not arguing that the economy is perfect, but nor is it on the ropes, requiring zero interest rates to get it back into the ring. It's time to align our monetary policy with the significant progress we have made," he said.

Richmond Fed president noted that the impact on the U.S. economy from the recent market turbulences is limited.

Lacker is a voting member of the Federal Open Market Committee this year.