There are some who think that economies will be struggling so badly by the spring that central banks will stop hiking but others are taking policymakers at their word.
Interestingly, Fed pricing has stubbornly stuck to 4.89% for May despite the higher dot plot.
As for the ECB, JPM sees a path of another 50 bps hike then three 25 bps hikes to get to 3.25%. Earlier today, SocGen went as high as 3.75%.
Correction: Initially we reported 3.75% as the top for JPM, it's 3.25%.
