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Watch Cashin: This could spark 'outright selling'

Wednesday, 8 Jan 2014 | 3:05 PM ET
Cashin: 3.25% 10-year yield can bring outright selling
Wednesday, 8 Jan 2014 | 2:30 PM ET
CNBC's Bob Pisani and Art Cashin, of UBS, discuss the Fed minutes and whether there was any indication about what it will do with the taper. The Fed seems to imply the taper will happen quicker than many anticipate. The Fed is historically poor at forecasting

Art Cashin says CNBC viewers and users need to keep watching the yield on the 10-year U.S. note.

Speaking after the Federal Reserve released the minutes from its December policy-making meeting at 2p ET, Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani if "we get up around 3.15 (percent) they'll start to put a little further pressure on stocks. And 3.25 can bring outright selling, I think."

Cashin said the Fed minutes indicate the central bank's staff is getting more optimistic about the economy's future, which could mean a quicker tapering, but "with no disrespect intended, however, the Fed staff is historically very poor at forecasting."

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