Veteran trader Art Cashin doesn't want to attribute Wednesday's across-the-board stock market declines to a flight to safety. It's slower than that, he said.
"You're seeing a stroll to safety as they figure stocks are a slightly riskier instrument," Cashin told CNBC. "If it does look like we're going to have either a consolidation-style correction or perhaps something more serious, where do I put my money and park it?"
Investors seemed drawn to 10- and 30-year Treasury bonds as the Dow saw a triple-point decline in morning trading, said Cashin, UBS' director of floor operations for NYSE. The S&P 500 and Nasdaq Composite also saw declines by midday after setting record highs during several trading sessions.
"If you look at probably 16 other countries that have lower [bond] yields than the United States, U.S. Treasurys look reasonably attractive in the short-term," Cashin said.
Overall, Cashin called Wednesday's market moves a "minor pullback" as investors take into account over-bought conditions and the surprise defeat of U.S. House Majority Leader Eric Cantor, R-Va.,Tuesday night.