Cashin on Fed rate hikes: 'I don't think they're going to be able to do 3'

Cashin: Stocks consolidating Friday's gains

Art Cashin told CNBC on Monday he is not confident the Federal Reserve will be able to implement three rate hikes this year.

The UBS director of floor operations at the NYSE said the U.S. economy might be struggling more than some think.

"While the numbers look good in the payrolls on the top line ... if you look at the job composition, not the right class getting it," he said on "Squawk on the Street."

The Fed has forecast three interest rate increases in 2017.

On Wednesday, at February's Federal Open Market Committee meeting, the central bank did not raise interest rates and gave no indication of when the next hike might be.

Cashin said the rate rises also depend on how Congress prioritizes certain key issues. He said if Congress focuses on Obamacare first, it could slow everything else down.

"I don't think they're are going to be able to do three at all," he said. "If they're really lucky and adept, they might be able to do two."