Morgan Stanley and two other investment banks have revised their forecasts for the European Central Bank's terminal rate - the level at which its key interest rate will peak - to 4% as inflationary pressures weigh.
The revisions also come on the heels of remarks by ECB governing council member and Belgian national bank governoron Friday that the ECB could consider raising its key interest rate to as high as 4% if underlying inflation remains persistently high.
BNP Paribas and Barclays joined Morgan Stanley in the upward revisions. Morgan Stanley and BNP Paribas had previously seen the terminal rate at 3.25%. Barclays on Feb.17 had raised its forecast to 3.5%.Barclays said in a note to clients that it expects 50 basis point rate increases in March and May, and 25 basis point rises in June and July.
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