The Fed did not raise rates

The Fed simply implementing an accounting trick that moves some GSE income through the member bank accounts.  It was an internal accounting shift.  Remember two things. 1) The effective funds rate is based on  an isolated, fund determined by government regulation of the GSEs. 2) Treasury gets the interest income from the GSEs no matter what, Congress owns the GSEs.  So what is lost in reduced remits to Treasury is returned in additional interest income from the GSE.

What is the future of this illusion?

Congress has additional options for spinning off the GSEs, a good thing.  The Fed is promising to reconnect regulated funds to the market, and that makes spin-off more viable.  This is an easing, an  expansion of the Fed banking network, a gain in  efficiency and thus lower transaction  costs.