Fed Board Will Convene in "Meeting under Expedited Procedures" on Monday

While most market participants will enjoy a long Easter weekend, the Fed heads are called in for an emergency meeting, the Fed announced on Friday.
The release states a single focal point for the meeting, indicating that a rate rise is under discussion:

"Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks."

Here's the announcement:

Advance Notice of a Meeting under Expedited Procedures
It is anticipated that a closed meeting of the Board of Governors of the Federal Reserve System at 11:30 a.m. on Monday, April 5, 2010, will be held under expedited procedures, as set forth in section 26lb.7 of the Board's Rules Regarding Public Observation of Meetings, at the Board's offices at 20th Street and C Streets, N.W., Washington, D.C. The following items of official Board business are tentatively scheduled to be considered at that meeting.
Meeting date: April 5, 2010
Matters to be Considered:
1. Review and determination by the Board of Governors of the advance and discount rates to be charged by Federal Reserve Banks.
A final announcement of matters considered under expedited procedures will be available in the Board's Freedom of Information and Public Affairs Offices and on the Board's Web site following the closed meeting.

According to dailyfx.com,

The last time the Fed did something like this, resulted in a hike in the discount rate, and given this latest development, we would not at all be surprised to see the Fed pull another move like this on the holiday thin Monday session. While we can make no determinations at this point, it is definitely a development worth noting.

The timing is tricky as it will prevent investors to shift their funds. Most of Europe's banks are closed on Easter Monday.