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A new report has Art Cashin worried about a 2008 financial crisis repeat

  • Art Cashin says the Bank for International Settlements just came out with a "wild card" remark about a possible 2008 financial crisis repeat.
  • "I would prefer not to see a Lehman-like moment again," he says.

Closely followed trader Art Cashin told CNBC on Monday that the Bank for International Settlements just came out with a "wild card" remark on the market becoming vulnerable to another 2008-type financial crisis.

Cashin spoke after the BIS, an umbrella body for leading central banks, said in an annual report on Sunday that "pricing anomalies that emerged in the aftermath of the Great Financial Crisis retreated but did not disappear."

"I would prefer not to see a Lehman-like moment again," UBS' director of floor operations at the New York Stock Exchange said on "Squawk on the Street."

The BIS is owned by 60 member central banks, including the U.S. Federal Reserve. The organization said in its report that major central banks should continue with interest rate increases but pockets of risk remain.

"Despite the brighter near-term outlook, there are medium-term risks to a sustainable economic expansion," the report said.

On the economy, Cashin said despite the Fed signaling a willingness to raise rates once more this year, the bond market is skeptical about the health of the economy.

U.S. stocks were higher Monday morning after the Commerce Department said durable goods orders fell 1.1 percent in May, more than the expected 0.6 percent drop. Bond yields moved lower after the numbers came out, demonstrating that skepticism.

Still, Cashin said it has been a reasonably successful first half of the year and investors are still hopeful that President Donald Trump's agenda still has life in it. "That'll be critical as we go into the second half," he said.

Cashin also said to pay attention to oil. "It looks like it is trying to get some stability here around the $43 [per barrel] level. If that holds, that'll give us a little bit better underpinning."

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