Desperate investors scrambling for yields sent the 10-year Treasury to its lowest level in 10 months, veteran trader Art Cashin told CNBC.
The yield hit a low of 2.44 percent on Wednesday, despite the fact that the tapering by the Federal Reserve is getting to a point where it should start pushing yields up, said Cashin, director of floor operations at UBS. That's because investors are focusing on what's happening in Europe.
"It's not a simple answer like a flight to safety. I think it is a global scramble for yields," he said in an interview with "Closing Bell." People are "desperate and paying anything they can to buy that 10-year."
Read MoreTreasury yields dip to new 2014 lows