The ECB looks all but certain to raise interest rates by 25 bps today, taking the deposit facility rate to 2.50%. So barring a major surprise, the rate decision itself is not where the real market interest lies.Instead, the bigger question is what comes next.With oil prices running b ack up to $100 and bond yields pushing higher, there is a heated debate on whether today's move is going to be the final rate hike of the tightening cycle. As such, that puts ECB president Lagarde's guidance firmly in focus.Ahead of the decision, here is what some of the major banks and market analysts are expecting from the ECB.Lagarde is unlikely to provide markets with a clear signalOne area where analysts broadly agree is that Lagarde is unlikely to commit to another rate hike.Barclays expects Lagarde to present the September move as a sufficiently robust response to the current inflation risks, while stopping short of describing it as an "insurance hike". That would leave the ECB with maximum flexibility should inflation pressures worsen down the road.Danske Bank takes a similar view, expecting Lagarde to reiterate the ECB's meeting-by-meeting and data-dependent approach rather than provide any specific forward guidance.JP Morgan also expects little in the way of explicit guidance, although the firm argues that the ECB's updated staff forecasts could effectively do the talking instead. In their view, the projections are likely to make a stronger case for further tightening."The ECB is unlikely to give explicit forward guidance beyond this, sticking to its meeting-by-meeting and data-dependent approach. There will, however, be a lot of what Lagarde has called “framework guidance”, especiallyvia the staff forecasts. This is likely to show a clear case for raising rates further.”Barclays and Danske still think 2.50% will be the peakDespite the flexible approach, it does not necessarily mean another rate increase is coming.Barclays continues to expect the ECB to keep rates unchanged after September, with the deposit rate remaining at 2.50% through the end of 2027.That being said, they do acknowledge the risks of that outlook changing amid the latest energy market developments - "particularly therise in gas prices and the persistence of exceptionally high crack spreads". That could yet push the ECB into thinking that "a morerestrictive policy stance may ultimately be required".For now though, that remains a risk rather than the firm's base case.As for Danske Bank, the firm argues that there has so far been limited evidence of spillovers from energy into broader categories of inflation in the region. And in the absence of those second-round effects, they see little need for the ECB to push rates more meaningfully into restrictive territory."We believe the lack of spillovers from energy to non-energy inflation means the ECB need not enter restrictiveterritory. We thus expect the ECB to keep the deposit rate at 2.50% from September in both 2026 and 2027."Deutsche Bank, JP Morgan and SocGen see another hike comingAs we approach today's meeting, the more hawkish camp is becoming harder and harder to ignore.Deutsche Bank now expects another 25 bps move in December, taking the deposit facility rate to 2.75%. However, the firm remains skeptical that rates need to rise as far as what is being priced in by markets at this juncture."3.00% rates or higher are difficult to justify when there is no evidence of second- round effects, little evidence ofindirect effects, and headline HICP still expected to be back on target from late 2027. These could change, of course. The market- implied terminal rate (3.00-3.10%) reflects the rise in energy prices. But energy prices areunlikely to stay here. Or, if they do, growth is likely to be weaker."Meanwhile, JP Morgan has also shifted to expecting another rate hike in December, with rates then seen remaining there throughout 2027.That being said, the firm is not ruling out another rate hike in March next year while now only expecting the ECB to begin loosening policy again in 2028.Similarly, Societe Generale also expects another 25 bps move in December in arguing that the ECB will want to remain ahead of inflation risks rather than react too slowly. Looking to next year though, the firm is less certain about the outlook in noting that "further hikes in 2027 will depend on the data in the autumn". This article was written by Justin Low at investinglive.com.