Markets think the odds that the Fed pauses rate hikes at its upcoming meeting have shot up after Silicon Valley Bank's failure

• Odds that the Federal Reserve will hold its benchmark rate steady at its March meeting have jumped. 
• Investors were pricing in 44% odds the Fed will hold off on hiking rates at its March 21-22 meeting. 
• "The world changed on Friday with the bank failure of Silicon Valley Bank," said a Jefferies FX strategist. 

The failure of Silicon Valley Bank has lit up odds that the Federal Reserve will hold off on raising interest rates at its meeting this month, a decision that would break a year-long string of aggressive hikes as investors recalibrate after the biggest bank failure since 2008.