The S&P 500's 2023 gain is set to be wiped out in a matter of weeks as the Fed's inflation fight remains 'very much unaccomplished,' says Bank of America

• The S&P 500's gain for the year is likely to be erased by early March, Bank of America says. 
• The index could fall to 3,800, settling below last year's closing level. 
• "Payroll, retail sales, inflation: mission very much unaccomplished for Fed," BofA analysts wrote. 

The gains enjoyed by the S&P 500 in 2023 are likely to vanish soon with the Federal Reserve still in tightening mode even after a year of battling high inflation, Bank of America said in a note on Friday.