While nailing the coffin on a 50-bp move at the March Fed meeting, Fed Chair Powell opened up the possibility of super-sized rate hikes further out in this years rate cycle. Subsequently, we are once again seeing eurodollar futures spreads rip -- with a particular hat tip to the March 2022/December 2022 curve which has now widened as much as 25 bps on the day (equivalent to one 25-bp rate hike). It’s a torrid time for eurodollar traders right now, fresh from VaR shock price action for the first two days of this week, they are back to juggling the economic impact on the Russian invasion of Ukraine with the potential for 50-bp hike moves from the central bank.