The Federal Reserve will have to be "dragged kicking and screaming" if and when it changes course on monetary policy, but that is unlikely to happen when central bankers conclude their two-day meeting Wednesday, UBS' Art Cashin said Tuesday.
UBS' director of floor operations at the New York Stock Exchange reiterated his expectation that the Fed's policymaking committee will guide rates back down to zero before they ever reach 1 percent.
The Federal Open Markets Committee hiked rates by 25 basis points in December, its first rate hike in a decade. The FOMC is meeting this week to discuss monetary policy, with a statement but no press conference scheduled at the end of the gathering.
"I think they will be somewhat obstinate tomorrow," Cashin told CNBC's "Squawk Alley." "They don't want to yield too much and say, yes, you're right, we were wrong. They're going to fight to maintain what they think is their credibility, but I don't think we're going to see any rate hikes anymore."
To be sure, a survey conducted by CNBC found that 88 percent of respondents expect the Fed's next move to be another interest rate hike, though many now see that action coming later, in May. Just 13 percent believe the Fed will either cut rates or launch another round of quantitative easing.