Why the US isn't facing a stagflation threat even as growth slows, according to BofA

• Recent stagflationary forecasts are misguided for this year, Bank of America wrote on Thursday.
• While first-quarter GDP badly missed estimates, the inflation that was seen was driven by strong consumer spending.
• That separates it from the US's last bout with stagflation, in 2022, when higher prices were caused by a supply shock.

Bank of America isn't worried about looming stagflationary fallout, and says recent anxiety around the dangerous economic scenario was based on misread data points.