Longtime trader Art Cashin told CNBC on Friday that investors should brace themselves for a period of stock market volatility as Wall Street digests rising bond yields.
“You have to be very careful. There is a fine line. If the market begins to believe that the Fed has somehow lost control of where the bond market is going, all that idea of a ‘taper tantrum’ will show up,” the director of floor operations for UBS said on “Squawk on the Street.”
Cashin’s comments Friday came early during a volatile session, with the 10-year Treasury yield above and below 1.5% and the Nasdaq Composite swinging between gains and losses. The Dow Jones Industrial Average was down over 275 points, or 0.88%, but off its session lows.
