Watch Art Cashin: What Ben will do on Wednesday

Cashin says: 10-year down, market up

Art Cashin says he expects that after this week's Federal Reserve policy-making meeting, Chairman Ben Bernanke will publicly discuss reducing the central bank's asset purchases but he won't actually pull the trigger .. now.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Mary Thompson around midday that he thinks on Wednesday Bernanke will "use the (post-meeting) press conference to talk about tapering to try and resettle the markets, but not initiate tapering until perhaps January or a bit later."

He points out that incoming chair Janet Yellen has not even been confirmed by the Senate yet.