Art Cashin Video: This is holding back stocks

Tuesday, 13 Aug 2013 | 2:58 PM ET
90 Seconds with Art Cashin: Taper in September?
Tuesday, 13 Aug 2013 | 11:40 AM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss "good enough" retail sales and whether the Fed may go ahead with a taper. in September. "The Fed is going to taper, Bernanke wants to get the process started before he's gone, and that's going to be a headwind for the stock market," says Cashin.

Art Cashin says rising bond yields are holding back stocks.

Cashin, the UBS Director of Floor Operations at the NYSE, told CNBC's Bob Pisani that Tuesday morning's rally attempt was "undercut" when the yield on the U.S. 10-year note topped 2.7 percent.

"We're watching that bond market very closely and rather anxiously."

Speaking at midday, Cashin said traders are "fatalistic" about rising rates, and expect the Federal Reserve will start cutting back its asset purchases when it meets next month.


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