Watch Art Cashin: What the market expects from Fed

Art Cashin says next week's meeting of the Federal Reserve's policy-making committee is getting a lot of attention from traders on Wall Street as they speculate on what the central bank will do.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that while CNBC's Steve Liesman thinks it's more likely than not that the Fed will begin to cut back on its asset purchases, "I don't find a lot of people believe that, but a very large number of people believe there will be some statement and they think it will begin to impact the market."

He adds, "The yield on the (U.S.) 10-year (note) doesn't show fear right now, but it's in the back of traders' minds."