Guggenheim's Scott Minerd told CNBC on Tuesday that asset prices appeared expensive in multiple parts of the investing world, but he wasn't ready to call it a bubble.

On CNBC's "The Exchange," Minerd explained why interest rates may actually be set to decline, even as many on Wall Street have projected rates to rise as the U.S. economy recovers from the pandemic amid historically massive stimulus efforts.

He further explained his views on asset prices and inflation for CNBC Pro with Brian Sullivan.