According to CoinMeta, Indosuez Financial Management Company believes that the current market pricing of the interest rate paths for the Federal Reserve and the European Central Bank is significantly more hawkish than the firm's baseline scenario. The firm's strategist Lucas Meerk and portfolio manager Alexander Bell expect that economic growth will remain stable and inflation will gradually return to normal, which will limit the central banks' room to further tighten monetary policy. They stated that it may still take some time to accumulate enough data on moderate underlying inflation and economic growth to make this scenario a reality. In the meantime, the bond market is expected to remain volatile. The money market currently anticipates that the Federal Reserve will raise interest rates about 1.5 times over the next 12 months, while the European Central Bank will raise rates twice.