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Watch Art Cashin: Sellers will emerge at this level

Art Cashin says stocks sellers will emerge if the 10-year U.S. yield rises above 2.8 percent, and at 3 percent the market will be hearing "absolute alarm bells."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday "the market is trying to guess where the Fed's going to be and move ahead of it and that's going to be a problem for (Federal Reserve Chairman) Bernanke and (Fed chair nominee Janet) Yellen when she comes in."

Cashin also noted that "more and more people are accusing the Fed of exacerbating the income inequalities, that these (QE) programs are helping the one percent and not the 99, and that can turn the Fed into a political football in an election year. They can't handle that, so that's why tapering is going to come quicker rather than later."

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