The Fed just released the minutes of its discount rate meeting minutes from March. Some members wanted a further 1/4 point hike to 1% from 0.75 but the meeting took place before the FOMC meeting and no move was made. The discount rate is set by the Fed governors after suggestions by the regional Fed banks.
Most agreed the accommodative stance of monetary policy remained appropriate and that though layoffs had declined there was little indication that significant hiring had resumed.
Going forward, the discount rate not the Fed funds rate will be the policy rate the markets will watch. It will be the rate paid on excess reserves held at the Fed. That Rate is now at 0.25%.