Defensive stocks have led the market this year, and that trend is likely to continue, Art Cashin, director of floor operations for UBS at the New York Stock Exchange, said Thursday.
"Up until then there was some uncertainty. The nonvoting regional presidents threw a monkey wrench into the market, and that had things a little screwy," Cashin told CNBC's "Squawk on the Street."
The presidents of the Federal Reserve banks of Philadelphia, San Francisco and Atlanta said this month that the central bank's policymaking committee should raise interest rates in April. That would be the second rate hike since the Fed's initial quarter-point increase from near zero in December.