Some investors said the data bolstered the Fed's assertion that jumps in inflation will be relatively fleeting, partly reflecting supply chain bottlenecks that will ease with time. Other concerns: corporate earnings growth appeared to be hitting a peak; rising coronavirus cases could threaten the economy; and stocks are generally trading at historically high valuations. In a research note, Morgan Stanley economists said Wednesday’s CPI data “supports the view that the last few months likely marked the peak rates of inflation.”