Bank of America believes this is the big turning point for inflation and rates. How to play it

Traders work on the floor of the New York Stock Exchange.

After four decades, a sea change for inflation and interest rates is finally upon us as the economy reopens from the pandemic amid unprecedented monetary and fiscal stimulus, according to Bank of America's Chief Investment Strategist Michael Hartnett.

And the bank believes certain industries and companies are better positioned for this new paradigm for their ability to squeeze profits from higher prices.