Goldman Sachs expects 3 more ECB rate hikes in 2023

American multinational investment bank, Goldman Sachs said on Tuesday that it expects the European Central Bank (ECB) to raise interest rates to be three times its original value, reaching 3.5 percent instead of 3.25 percent.

The firm has expected on Monday an increase by 25 basis points (bps) in June, in addition to the 50-bps increase in March and the 25-bps increase in May.

The company’s predictions were a result of statements from policymakers at ECB board member Isabel Schnabel and the French Central Bank’s Chief Francois Villeroy de Galhau.

ECB rates are currently inclining and might reach 3.7 percent by the end of this year’s summer, according to Reuters.