The specter of stagflation is back in the news. BofA says investors should buy these 2 areas of the market to capitalize.

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• Headlines talking about "stagflation" have rocketed to the most in two years, Bank of America said.
• Even though there isn't yet a stagflationary regime, the market narrative could shift quickly. 
• Utilities and energy typically benefit the most in stagflationary conditions, the bank said.  

Headline references to "stagflation" catapulted to a two-year high last week...