Gluskin Sheff’s David Rosenberg thinks stocks will be stuck in a trading range for the next several months, and sees inflation on the horizon. Rosenberg tells Yahoo! Finance’s Breakout that if the Federal Reserve does begin to taper its asset-purchasing plans in September as he expects, the chance for multiple expansion will be very small, which, combined with near-zero earnings growth, means little in the way of market gains. He also thinks bonds are oversold and ready for a short-term rebound, though he sees Treasury yields rising to the 3% to 4% range in 2014. “My sense is that once this consumer deleveraging cycle is over, and there are signs that it is coming to an end if it hasn’t ended already, you’re going to see the velocity of money start to rise, against the backdrop of double-digit growth of the monetary base, and that is going to lead to inflation down the road,” he says.