Powell, Restart Of Bank Crisis, Spark Trading Chaos, Record Surge In SOFR Volumes

It was a day of two rollercoaster halves, when first odds of a March rate cut exploded from below 50% to 75% after the regional bank crisis came back with a vengeance with the implosion of NY Community Bank, only to see the entire move and then some reverse when Powell said no March rate cuts during the FOMC.

And for those trading the March SOFR contract, it was nothing less than sheer, record chaos.