UBS' Art Cashin said Friday the market's ho-hum reaction to seeing Treasury yields cross 3 percent could be a combination of factors: traders on vacation and investors becoming more confident in the economy.
"It could mean finally good news is good news after all," Cashin said on "Squawk on the Street." "Maybe the economy's taking hold and people are believing. That would be a good reason for yields to rise."
(Read more: Watch Art Cashin: Two numbers you MUST monitor)
"The other one might be that we're seeing skeleton crews on trading desks and things are not meshing together as they normally would," said Cashin, who has been cautioning investors to monitor the 10-year T-note yield for weeks.
"We'll know more next week."
—By CNBC's Jeff Morganteen. Follow him on Twitter at @jmorganteen and get the latest stories from "Squawk on the Street."