By Dan Weil BofA’s forecast reflects ‘the Fed’s acceptance that they are behind the curve’ on inflation, said the bank’s economists. Federal Reserve Chairman Jerome Powell made clear in a talk this week that he’s open to 50-basis point increases in interest rates, if necessary. The Fed is reacting to rampant inflation, with consumer prices soaring 7.9% in the 12 months through February, the highest rate in 40 years. The central bank kicked off its rate-hike campaign last week with a 25-basis point move, putting its federal funds rate target at 0.25%-0.5%. The fed funds rate applies to overnigh…