The ECB is now taking it one step at a time, with single rate hikes not enough, and two or three hikes depending on data—standard central bank rhetoric.

Reuters reports that Schnabel stated that even if progress is made in US-Iran talks, the ECB should start raising interest rates in June.
Energy shocks persist, inflation has reached 3%, and upside risks remain.
She warned of second-round effects, indicating that a single rate hike may be insufficient to control inflation.
Markets expect a high probability of two more rate hikes in the future, with about a 50% chance of a third.
The ECB will adjust its path dynamically based on data and does not commit to future moves.
High energy prices may also weigh on growth, with inflation and growth coexisting.