Back in mid-2013 David Rosenberg infamously flip-flopped from deflationary bear to inflationary bull. That’s ok – everyone has a right to change their mind (for whatever reason, even if said reason involves a direct interest in selling more newsletter subscriptions).
However, the catalyst that Rosenberg saw as the progenitor to a broad inflationary wave in the US economy was a surprisingly weak one: wage inflation and rising labor costs.