El-Erian: Stock investors should keep riding rally even though Fed may be making mistake

"If you are in the equity market, this is not dramatic because the equity market in my opinion will continue to live in the liquidity moment and the liquidity moment continues," Mohamed El-Erian, economic advisor at Allianz and Gramercy and president at Queens College, Cambridge, told CNBC's "Squawk Box" Thursday. "We're going to have ample and predictable injections of liquidity for the rest of this year. So if you are in the equity market, that is not dramatic."