David Rosenberg, chief economist and strategist at Gluskin Sheff & Associates Inc., said that January’s high in the S&P 500 “will prove to be the peak of the bull market and the U.S. recession may start in the next 12 months.” This according to a recent article in Financial Advisor.

Rosenberg, who the article reports was one of the first economists to warn of the Great Recession, spoke last month at the Inside ETFs Canada conference: “Cycles die, and you know how they die? Because the Fed puts a bullet in its forehead.” He argued that the market is in a “classic late cycle, with wages rising at full employment, cooling commodities and potential trade wars.” The result, he said, will be higher inflation.

“We are seeing a significant shift in the markets,” he said.