"Andy Warhol was correct about the market: [every data point] has a shelf life of 15 minutes," said Art Cashin, director of floor operations for UBS Financial Services. He offered CNBC his outlook on inflation, Ben Bernanke and Federal Reserve policy, and the markets.
Will there be a third round of quantitative easing (QE3) from the Fed? Many analysts believe there won't be, but Cashin isn't so sure it's off the table.
Bernanke has made it clear in speeches that he "doesn't want to be the guy standing by when we go into a double-dip," Cashin said. "So we'll watch carefully."
He addressed questions from Pimco Co-CEO Mohamed El-Erian about QE3 and the risk of inflation.
"The only reason no one's worried about inflation yet is that money has no velocity," Cashin explained.
"If I were 'Helicopter Ben' [Bernanke] and dropped $1 million on the lawn and you were so worried you put it in the garage, that's not inflation."
Watch the interview for Cashin's S&P resistance and support predictions.
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El-Erian on the Fed:
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Disclosures:
Disclosure information was not available for Cashin or his company.