Expectations for the Fed's next rate hike this month have posted the biggest swings since the start of the pandemic

• Pricing in Fed fund futures was "on a wild ride" this month before the FOMC meeting.
• Bespoke Investment Group says the spread in Fed funds futures in March was the widest since the pandemic started. 
• A banking crisis sparked by SVB's failure was a major factor in moving expectations for the Fed's next move. 

It's been a case of March Madness for financial markets. 

Near-term expectations among traders for the Federal Reserve's key interest rate "have been all over the place recently," Bespoke Investment Group wrote Tuesday, just before the Federal Reserve's March rate decision was due Wednesday.