Barclays Research summarizes its expectations for the ECB policy trajectory.

"We now expect the ECB to raise rates by 50bp in both March and May given the the acceleration in core inflation," Barclays notes. 

"We expect the June macroeconomic projections to lay the groundwork for a reassessment of the policy stance, justifying a downshifting to 25bp. We forecast a final 25bp in July, for a terminal depo rate of 4%," Barclays adds.