Here’s What’s Bothering Ben Bernanke

Federal Reserve Chairman Ben Bernanke appears worried about something, UBS Managing Director Paul Richards said Thursday on CNBC.

"I thought he blinked at first, but I think it was just a twitch," he said. "Something's bothering this guy."

On "Fast Money," Richards said that Bernanke had attempted to his add clarity.

"He comes out June the 19th and says, 'Listen, I'm going to taper.' We look at the FOMC minutes, 2 o'clock yesterday, it's a clear message of tapering. He's got consensus. Two hours later he comes out with this message and he's saying, 'What's this all about?' Something's bothering him," he said.

"It's the bond market."

Bernanke, who spoke at a conference sponsored by the National Bureau of Economic Research, said that the U.S. economy continued to need a highly accommodative monetary policy.

(Read More: Bernanke: Highly Accommodative Policy Needed for 'Foreseeable Future')

Richards said that Bernanke was looking to differentiate the idea of tapering from raising interest rates.

"And he was very concerned with the way the bond market had gone from sort of 2.35 in the 10-year when he delivered that message in June to 2.70, and I think the bond market was saying, 'OK, you taper in September, and we'll run this thing through 3 percent,'" he said.

(Read More: Trading Bernanke's Comments: Pros)

Trader disclosure: On July 11, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long NOK; Josh Brown is long KBE; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long COST; Stephanie Link is long FB; Stephanie Link is long VALE; Stephanie Link is long KEY; Stephanie Link is long YUM; Stephanie Link is long JOY; Mike Murphy is long BAC; Mike Murphy is long C; Mike Murphy is long FB; Mike Murphy is long LEN; Mike Murphy is long TOL; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M.