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The key borrowing rate has now come down to the 3.75% to 4% range, in line with market expectations.

During an interview with CNBC, El-Erian explained that there are some AI stocks that have “reasonable” valuations, but added that there is some froth in the sector.

According to data from the National Association of Realtors, an index of contract signings was flat in September at 74.8, after rising by 4.2% in August.

El-Erian added that he expects the central bank to also acknowledge that the impact of President Donald Trump’s tariffs on inflation has been lower than expected.

The White House officially confirmed that the U.S. and South Korea have a Memorandum of Understanding with respect to the “U.S.-ROK Technology Prosperity Deal.”

All of the major U.S. indexes, such as the S&P 500 and Nasdaq Composite, closed at record highs on Tuesday, ahead of the Fed announcement and following a rally driven by a slew of artificial intelligence (AI)- related news.

The Republican President spoke about the potential deal during the Asia-Pacific Economic Cooperation summit in Gyeongju, South Korea.

With investor sentiment running high and Microsoft’s market value topping $4 trillion, the spotlight is on whether the “Magnificent Seven” members can keep the AI rally alive.