The strong economies have also driven up some commodity prices, helping to raise inflationary concerns.

Indications that the economy is still growing at a fast clip might raise inflationary concerns and depress stock prices.

"It seems to me that a prime additional suspect putting pressure on rates is heightened inflationary concerns in the United States," he said.

Still, despite the renewed inflationary concerns, few expect businesses' efforts to pass on higher costs will produce a spiraling round of price increases.

So much for all the analysis about changing perceptions of inflationary concerns we heard last year as the experts sought to explain each Fed move.

One sign of the increase in inflationary concerns is that expectations for interest rate increases by the Federal Reserve are rising.

Treasury prices felt pressure after a stronger-than-expected housing report raised inflationary concerns.

"Capital spending is still strong, exports are still good and there are no inflationary concerns."

That figure was about twice what had been expected and touched off inflationary concerns.

Reduced inflationary concerns can be traced in part to China, according to some analysts.