The € forward curve, which is derived from the overnight interest rate swap curve and reflects the market view on the path that the overnight interest rate will follow in the future, has shifted upwards significantly since December 2021 (Chart 5).
Chart 5 € forward curve and Survey of Monetary Analysts (SMA) expectations on the deposit facility rate (left panel); Median DFR expectations (right panel) (percentages per annum)  Sources: Left panel: SMA, Refinitiv and ECB calculations; right panel: February 2023 SMA, December 2022 SMA and Bloomberg Notes: Left panel: The bars depict the median of responses to the February SMA survey on expectations of future deposit facility rates.