On the recommendation, the firm cites expectations that easing inflation will cause rates to fall from here. From the report:

"While CPI inflation is 8.5%, we believe the market may be overemphasising inflation risks. Our forecasts point to inflation peaking this quarter and falling steadily into 2023. We believe this will reduce the panic level around inflation and allow rates to decline."

They recommend establishing a long position targeting 2.25% with a stop level of 3.10%.

It sounds like they are choosing the side of 'peak inflation' but the chart in itself is something to be wary about in my view:

US10Y

BofA's play is not quite as straightforward as it looks when you try to digest it from a technical perspective.