Watch Art Cashin: 'This is going to be a beauty!'

Cashin says: Keep an eye on 10-year yield and VIX

Art Cashin says traders are bracing for a lot of short-term volatility surrounding tomorrow's Federal Reserve announcement following its policy-making meeting.

Cashin, UBS' director of floor operations at the NYSE, told CNBC's Bob Pisani around midday that "this is going to be a beauty because you don't know exactly how they're going to phrase the statement and then you're going to have to wait thirty minutes (for the news conference) for (Fed Chair Ben) Bernanke to explain it."

Cashin adds Bernanke's upcoming departure is adding to the uncertainty. "Will he do his valedictory? We don't have (nominee Janet) Yellen confirmed yet (by the Senate.) "