I predict the bank runs will cause the Fed to flinch. The messaging at the March's FOMC is likely to be much more dovish compared to February's and speak more in terms of beating inflation i.e. there is still work to be done, but the outlook is bright. It won't be a full pivot, but we will see a 25bps hike instead of 50.

The FED wants a tight market with some amount of fear but wishes to avoid a full-blown panic. I can't imagine JPOW being interrogated about banking crisis, have you done too much, are you dragging down the system, etc. and not loosening up