You apparently messed with the settings. Please read the fine manual: http://www.phraseexpress.com/docs11/09/manual.htm#pastemethod
PhraseExpress offers several methods to paste text into a target application:
'Key-by-Key' simulation of individual key stroke: Suitable for short text without formatting. Simulating keystrokes begins instantly without delay but each keystroke takes a little time. You can actually watch how PhraseExpress "enters" the text for you. The longer the text, the longer it takes to insert it.
Windows clipboard: Must be used for formatted text or bitmaps. PhraseExpress copies the phrase into the clipboard, switches to the target application and triggers the clipboard to paste its contents into the target application. The clipboard can paste large chunks of text very fast but requires some time to be filled with contents.