BANK OF AMERICA: These 17 stocks could get crushed by higher interest rates

Carolyn Kaster/AP

Jerome Powell, President Donald Trump's nominee for Fed chairman.

Interest rates are on the rise.

The Federal Reserve on Wednesday held its benchmark rate unchanged, as expected. But its statement had a more aggressive view on the path of inflation over the next year, solidifying the market's view that rates are likely headed higher.

Concerns about higher inflation and interest rates were most evident earlier in the week, when stocks had one of their steepest drops since Brexit as the bond market also sold off.

Bank of America Merrill Lynch has identified stocks on the S&P 500 that could be hardest hit by a higher 10-year yield based on how the stocks have historically responded to changes in rates.

The equity strategists led by Savita Subramanian explained in a January 30 note: "Screens are based on a regression of stocks' monthly excess returns vs. monthly changes in the nominal and real 10yr yields, including only those stocks with beta (slope) that is statistically significant at the 5% level and who have at least 10 years of monthly returns. Regression data is based on the time period from 1972-12/31/17 for nominal yields and June 1990-12/31/17 for real yields."

Here are the 18 stocks that top the list.