"Substantive" bear market in stocks has begun - Dennis Gartman

Gartman Letter Editor and Publisher Dennis Gartman, while speaking to Bloomberg TV said, "a substantive bear market in equities has begun". 

Key quotes

• We have beginnings of inflation, labor costs are beginning to rise. 
• Terrible decision to impose tariffs on the washing machines, Chinese may retaliate.
• The Fed will probably get it wrong. 
• Fed will probably raise rates 4 times this year, will push short-end higher by 100 bps and 50-75 bps higher at the long-end. This makes long end bonds as an investment vehicle. 
• Says reduce positions in stocks "dramatically", buy commodities as they are ridiculously inexpensive relative to equities. 
• Feels wheat could do well.