ECB to Raise Rates Twice by Sep

UBS report expects ECB to raise rates by at least two 25‑bp hikes this year, reaching 2.5% by September.
The hikes could start as early as the April 30 meeting if inflationary second‑round effects from soaring energy prices emerge.
Diverging from ECB, BoE may hold rates then cut late‑2026, SNB stays at 0% till mid‑2027, Riksbank at 1.75%.
If Strait of Hormuz remains closed, UBS warns ECB may need more than two hikes to protect price stability despite growth slowdown.