Art Cashin Video: Fed 'chickened out'

Art Cashin said the Federal Reserve "almost looked like they chickened out" by not saying all that much new in the statement that accompanied the central bank's decision to keep short-term interest rates steady.

Speaking with CNBC's Bob Pisani on the floor of the NYSE, UBS' Cashin said there may have been a "hint" the Fed is little bit more concerned about the economy, but mostly "there was not much there."

Cashin said initially the stock market didn't know what to make of the statement, but it had the "good sense" to look at the mild reaction of the 10-year Treasury note yield and conclude "it can't be a bad thing if the bond market is not upset."