These days the Federal Reserve is reminding Art Cashin of another squad that found itself swimming against the tide at one point in its storied history: the 1962 New York Mets.
It's hardly a flattering comparison. The Mets notoriously won just 40 games out of 160, setting a record for the worst season of any team in their inaugural year in the National League.
On Wednesday, Fed minutes showed that some voting Fed members expect an interest rate hike will be needed soon.
Cashin, who has long warned the Fed is losing control over interest rates, made his comment one day after New York Fed President William Dudley said it's "possible" the Federal Open Market Committee could raise rates at its September meeting. Atlanta Fed President Dennis Lockhart also said he wouldn't rule out a hike next month.
"The Federal Reserve is starting to sound like Casey Stengel's Mets," he told CNBC's "Squawk on the Street," referring to the manager of the Mets in their lackluster inaugural year. "He famously said, 'Can't anybody here play this game?' And it's apparent in some cases the answer is no."
Indeed, investors seemed to put little stock in the Fed officials' pronouncements. The Dow, S&P 500 and Nasdaq were all lower on Wednesday after logging their worst session in two weeks on Tuesday, but traders said the pullback was largely due to investors taking profits following a run-up in U.S. stocks to new all-time highs.