ECB sources: See at least two more rate hikes

• Policymakers see at least two more rate hikes
• see increase of 25 basis points or 50 basis points in May
• see 3.5% as terminal rate

The ECB today raise rates by 50 basis points to 3.0% from 2.5%. ECB's Lagarde all but guaranteed another 50 basis points at the March meeting. That would take the rate to 3.5%.

After the March 16 meeting, the ECB will not meet until May 4.