Watch Art Cashin: How the Fed disappointed markets

Cashin says: Fed has theory, but no strategy

Art Cashin says today's release of Federal Reserve minutes from their October meeting is disappointing Wall Street because "it proves they have a theory but not a strategy. They argued five different ways about what they're going to do."

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that one thing is very clear: "Tapering is on the agenda. The timing remains vague, but it's on the agenda."

While the Fed is looking at cutting back on its asset purchases, the minutes did make it clear the central bank is not planning to actually raise its target for short-term interest rates anytime soon.