. >> reporter: markets were nripped by a sudden inflation panic this mog when the government reported that the consumer price index leapt by .5%. it rose .3% both more than expected by wall stre . thefth panic sent futures down nearly 500 points in three minutes. then wall street seemed to take a breath and reconsider. maybe it was the pea nine year over year inflation rate, just .1% or the same as last month. or maybe it was the idea that one time items like a strange 1.7% rise in apparel costs in the i think a cellth were unlikely the repeat. whatever the reason, markets collected lves and collectivelyin ignored the inflation threat torge surge as much as 200 points later in the day. who had it right. >> it's important to keep in mine that nothing over the past two weeks, the elevated volatility, ins into of inflation creeping back in, none of thosere rnt existential threats to this economic xpansion and to this bull market. what you have had is a series of growing pains, growingfrpains real interest rates coming off of hisser toical growing pains associated with inflation expectati