LONDON (Reuters). Deutsche Bank (ETR:) The European Central Bank will likely announce two massive 50 basis-point rate rises in 2015, following a tightening period that began with a quarter-point move in July.

On Thursday, the ECB announced that it will end a lengthy-running stimulus program and would announce next month’s first interest rate increase since 2011. It could also make a larger move in September.

Deutsche Bank published a note late Thursday after the ECB meeting stating that they had revised their rate-hike forecasts.

According to the note, “Our new ECB hiking benchmark is +25bp (in July), +50bp (in September), +50bp/October, and +25bp/December.”

“The deposit rates will increase to 1% before year end. This brings them closer to the lower range of estimates for nominal neutral rates.”