Preheat an oven to 400 degrees. Lightly grease a 9x13 pan.
Fill a large saucepan with water, and bring to a boil. Stir in the macaroni; cook until al dente. Drain well. Pour noodles into prepared 9x13 pan.
Meanwhile in another large saucepan, melt the butter over medium heat. Stir in the flour, salt, pepper, onion powder, mustard powder, and milk; whisk until smooth. Cook over medium-high heat, stirring constantly, for 3-5 minutes until the sauce starts to thicken. Reduce heat to low, and whisk in cheese and hot sauce. Pour cheese sauce over noodles in prepared 9x13 pan and stir to coat.