The consumer price index showed that the rise in inflation in the United States slowed, and the stock market moved to a record high. But Jim Paulsen, chief investment strategist at Leuthold Weeden Capital Management, warns investors not to be happy too soon.

"I think the so-called temporary will prove to be longer than we expected, even longer than the Fed expected," Paulsen said in a Bloomberg television interview on Wednesday. "the result may be that we are very worried about inflation, which I think may eventually lead to a correction in the stock market at some point."

However, Paulsen believes that the "roller coaster" market in which the economy has declined due to outbreaks and restrictions and has been revived by fiscal and monetary policy is problematic.

"you push American companies into a depression and tell them they have to survive the epidemic, so they reduce their operations, and then you let them achieve wartime prosperity within a year, and they can't make it," Paulsen said. "in the end, supply caught up and it turned out to be a very big inflation panic we experienced."