Credit Agricole CIB Research discusses the trajectory of ECB hikes this year.

"We could explain that we believe that the ECB will hike three times while arguing that the ECB is making a huge mistake (this is also a good hedge against being wrong, as it means that either we were right or that the ECB took our advice and decided to avoid making a mistake). But this is not our case today. " CACIB notes.

"Not only do we believe that this year the ECB will hike by more than what economists expect (and marginally more than what is priced by markets), but we also we believe that the ECB is right to do so. This is not a policy mistake. This is just monetary policy," CACIB adds.