OIL SPIKE IS THE REAL RISK FOR U.S. ECONOMY, BOFA SAYS The conflict involving the U.S. and Iran hasn’t significantly changed the economic outlook, according to Bank of America. Analyst Meghan Swiber said risks to the U.S. economy remain limited unless oil prices surge sharply. A common estimate suggests a $10 rise in crude could lift inflation by about 0.1 percentage points and trim GDP growth by a similar amount. The impact usually fades within a year as higher energy costs curb demand. The U.S. is also less exposed to oil shocks than in the past because it is now a net exporter of oil and gas. For now, the Federal Reserve is likely to stay cautious and wait to see whether higher oil prices feed into broader inflation.(*Walter Bloomberg)