Stocks soar to highest levels of the year, but fed not done fighting inflation

Stock markets open this morning at their highest levels of the year. How long can they keep it up?

"Inflation data came out very tame," said UNO professor Mark Rosa. He says that has investors feeling pretty good.

"The economy grew above the current rate of inflation," said Rosa. "That's serious statement. That's good news."

Stock market today: Wall Street ticks higher and adds to its big rally following profit reports

Rosa said investors are also hopeful that the fed will leave interest rates alone rather than raise them more.

"Monetary policy changes like interest rate increases, and them reducing the money supply in the economy; that's had an effect, because they've reduced it by so much and raised rates by so much," said Rosa.

But the last inflation report showed 4 percent, while the fed's target is two.

"I think that the fed is not done, unfortunately."

Rosa said while it is clear the fed's moves to reduce the money supply in the economy are working... and they should stick with it to make sure inflation doesn't come roaring back.