(Reuters] – BofA Securities believes that the European Central Bank will increase interest rates this year by 150 basis points, with 50 bps in July or September. It stated this in a Tuesday note.

According to the bank’s expectations of 100 bps inflation increases this year, the euro zone inflation print last week, which was much higher than anticipated at 8.1% was confirmation that the bank was delivering 100 bps.

“Our call was already more cautious than consensus. It is now even more. Analysts stated in the note that they continue to be concerned about this being too rapid.

A separate note: Barclays (LON.) Monday said that it expected the ECB’s July-December hike to be in increments of 25 bps.

The ECB expects to hike the depo rate by 0.75% in the third quarter next year.

In 2011, the ECB hiked its interest rates. The depo is at -0.50%.

The current money market prices in 130 bps rises per year, and 50 bps moves at any one meeting are fully priced in by October.