(Reuters) – After hotter-than expected inflation data, major investment banks are planning strong rate hikes in 2022. This is to counter rising prices.

Last week’s data showed that consumer prices in the United States rose at the fastest rate since 1980. This fuelled market speculation about a massive 50 basis-point increase by the Fed during its March 15-16 meeting.

Current Fed Fund Effective Target is 0-0.25%

The Fed is set to raise rates during a pandemic. Here’s what major investment banks have said about the rate of rise.

* JP Morgan raises its Fed call to seven 25-bp rate hikes from five previously, for a total of 175 bps of tightening this year.

* Morgan Stanley The Fed is expected to announce six 25-bp increases this year. It previously predicted that there would be 125 basis points of tightening, with four 25-bp rises and a 25 bp equivalent Fed funds runoff.

* UBS now expects 150 bps of tightening this year via six consecutive quarter-point moves from March through November. It previously predicted 25-bp increase in March, June and then “a shift toward an ever meeting hike pace”.

* BNP Paribas (OTC:) expects six hikes of 25 bps this year starting in March, resulting in a cumulative 150 bps of tightening.

* Citi now expects 150 bps of tightening this year, starting with a 50-bp move in March, followed by four, quarter-point increases in May, June, September and December.

* Credit Suisse (SIX) The Fed is expected to raise a total of 175bps in the coming year. This will begin with an additional 50-bp at its March meeting.

* Societe Generale (OTC:) now expects five rate hikes of 25 bps this year, starting in March.

* Goldman Sachs (NYSE:) said it is raising its forecast to include seven consecutive 25-bp rate hikes at each of the remaining Federal Open Market Committee (FOMC) meetings in 2022 from a previous expectation of five hikes.

* BofA Global Research expects the Fed to hike rates by 25 bps at each of this year’s remaining seven meetings, unchanged from its previous outlook. It did warn that there was a possibility of 50-bp increases at the March meeting.

* HSBC expects the Fed to roll out a 50-bp hike in March and four more quarter-point rate rises in 2022.

* Deutsche Bank (DE: Fed expects to announce a 50-bp increase in March and five additional 25-bp increases in 2022. There will be no hike except at the November meeting.

* Barclays (LON) The Fed is now expected to increase rates five times this year by increasing them 25 bps, up from the three increases forecasted earlier.