BoA/ML on what they see as the biggest risk for equities (spoiler: "bad" inflation)

A snippet from a Bank of America / Merrill Lynch piece, this on stock market risk:

The phrase the risk as

• "Tariffs + higher oil prices = "bad" inflation

And say this could

• offset the consumption boost from higher wages/tax reform

And thus:

• We see stagflation as the biggest risk to equities