eventually level off for more on this and some other economic news of the day let's bring in jeffrey dungarees the editorial director with the american institute for economic research and octavio the c.e.o. of optimists l.l.c. thank you both for joining the show today octavia i want to start with you this latest report seems like it's the clearest indication that inflation is mounting and feeding its way through to higher consumer prices is this increase temporary as j. paul tends to say or are we at risk of a runaway runaway inflation. well i think i think the balance that risk looks like we're looking out of inflation coming our way but bear in mind that despite all the money that the fed has been pumping into the markets we really haven't seen that much translate into into real headline inflation rates it's been a lot of inflation in the markets as the root of inflation housing when you really get down to consumer prices has been fairly tame and i think that's explained by the fact that a lot of consumers and putting money on the side and have not been spending that money so if you look at bank deposits the through the roof american consumers have put more money into the ba