Veteran trader Art Cashin doesn't want to attribute Wednesday's across-the-board stock market declines to a flight to safety. It's slower than that, he said.
"You're seeing a stroll to safety as they figure stocks are a slightly riskier instrument," Cashin told CNBC. "If it does look like we're going to have either a consolidation-style correction or perhaps something more serious, where do I put my money and park it?"
Investors seemed drawn to 10- and 30-year Treasury bonds as the Dow saw a triple-point decline in morning trading, said Cashin, UBS' director of floor operations for NYSE. The and Nasdaq Composite also saw declines by midday after setting record highs during several trading sessions.
"If you look at probably 16 other countries that have lower [bond] yields than the United States, U.S. Treasurys look reasonably attractive in the short-term," Cashin said.
Overall, Cashin called Wednesday's market moves a "minor pullback" as investors take into account over-bought conditions and the surprise defeat of U.S. House Majority Leader Eric Cantor, R-Va.,Tuesday night.