Billionaire value investor Mario Gabelli said Thursday the Federal Reserve should raise interest rates.
"It's long overdue," GAMCO Investors' chairman and CEO told CNBC's "Fast Money: Halftime Report," adding that the markets will be able to handle higher rates.
"The rates are going up, and the market's adjusting to it," he said. "Will it help the market if it's quick? ... It might, but I think it's been discounted, particularly on the 10-year. We think the market's already priced in a 3 percent rate increase on the 10-year."