How have market expectations changed for the trajectory of Fed funds?

A comparison of the CME Fed’s implied funds for the March 22 and May 3 meetings shows a decline that appears to be related to the events surrounding the SVB.

Picture 1: Fed effective funds (black), implied CME futures as of March 13 12:20 CT (red square), as of March 10 (pink square). Source: CME Fedwatchas of March 13th.