David Rosenberg: Prepare for inflation

Bond-market bull David Rosenberg has changed his tune on government debt.

"I've been in the deflation camp for two decades," says Gluskin Sheff's David Rosenberg. But now "it is time to move on".

Rosenberg was among the first to warn that America was heading for a recession, and that the recovery from the credit bust would be unusually slow and prone to reversals as America had a huge debt load to work off. Given this discouraging backdrop, he was worried that the gradual decline in inflation since the early 1980s could become outright deflation. So he has been a bond bull in recent years.

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