Morgan Stanley expects ECB to end rate hikes in July | Forexlive

That means two more rate hikes to go i.e. a 25 bps move in June and a similar one in July. That is consistent with the current market pricing, with a peak rate of 3.70% being priced in now.

A move in June and then July seems to be what policymakers are clearly hinting at but anything after will be highly subject to data developments in the next few months.