Art Cashin, UBS Financial Services' director of floor operations, expects nothing new will come out of the Federal Reserve's statement after its meeting today, he told CNBC Wednesday.
When the Fed statement comes out, "we’re going to have not quite two hours to diagram all the sentences and see if he used the passive periphrastic in any place and then wait and ask Mr. Bernanke what it all means. I don’t see anything new."
He said the Fed implemented its quantitative easing program, which ends June 30, "because of the deflationary threat and while [the Fed] will bemoan the weak economy, it’s going to take a little dose of deflation again to probably get them off the dime."
Cashin said Wall Street had no reaction to events in Greece, where the government narrowly survived a vote of confidence and is expected to impose new austerity measures.