Economists at UBS expect the benchmark interest rate in the eurozone to peak at 3.75%, while Societe Generale sees it at 4% after the European Central Bank (ECB) signalled more tightening ahead.
Goldman Sachs and Bank of America also expect the rate to peak at 3.75%, although BofA sees a "significantly" higher chance of rates hitting 4%.
The ECB euro short-term rate (ESTR) September 2023 forward was around 3.6%, implying an ECB deposit rate peak of 3.7% by this summer.