Whether Wall Street is ready or not, veteran fund manager Larry Glazer warns a major shift is coming to the stock market.

Glazer, who manages more than $2.5 billion in assets, acknowledged that the April jobs report didn't signal rising inflation — but it still exists, he contended in an interview.

"Inconvenient truths include the fact that when you have that [a] plummeting unemployment rate and you add in the biggest tax stimulus in three decades, it's ultimately going to lead to higher wages and potentially inflation," the Mayflower Advisors managing partner told CNBC's "Futures Now" last week.

Rising prices are "lagging data. It will show up in the months ahead," Glazer added.

He also noted the recent spike in crude oil prices are starting to filter through the economy, and will create inflationary pressures. Recent evidence suggests gas prices are on the rise ahead of Memorial Day.

"It will begin to affect consumers as the summer driving season kicks in," he added.