The Fed’s new playbook for fighting inflation risks doing more harm than good, top economists at Bank of America, Deutsche Bank, and Morgan Stanley say

That new playbook, as promising as its goals are, might be a mistake, the chief global economists of Bank of America, Deutsche Bank, and Morgan Stanley, as well as economists at the University of Chicago and the University of Wisconsin, said in a recent paper. Looking at inflation and employment for more- and less-advantaged groups, the team found that the balance between maximum employment and stable prices would be hard to achieve without serious risk.