"I wouldn't do it," he said Wednesday at a breakfast in New York sponsored by the Wall Street Journal.
However, Blankfein noted that the Fed may be motivated to raise rates based on "soft" factors like how long it has been since the last hike, according to the Wall Street Journal .
Rates peaked in June 2006 at 5.25 percent, but were slashed over the course of 10 consecutive meetings. Since the financial crisis, rates have remained between 0 and 0.25 percent.
The Goldman CEO expects that a hike will not occur until late in the year. Economists at the firm pushed expectations for a rate increase back in June, estimating that the hike could start from September to December.
According to a Wall Street Journal survey of business and academic economists, 46 percent predict that a rate hike will occur during the September Fed meeting.