The second scheduled FOMC meeting of 2010 ended this afternoon, and the press release looks very similar to January's press release. The Fed continues to say the same thing about keeping the federal funds rate exceptionally low for an extended period:
The Committee will maintain the target range for the federal funds rate at 0 to 1/4 percent and continues to anticipate that economic conditions, including low rates of resource utilization, subdued inflation trends, and stable inflation expectations, are likely to warrant exceptionally low levels of the federal funds rate for an extended period.
The first sign of future rate changes will be when the Fed replaces the "extended period" to something like "low for some time". Thomas Hoenig, one of the inflation hawks in the FOMC, is pushing for this change and voted against today's policy action. Here's what the press release included regarding Hoenig's vote:
Thomas M. Hoenig, who believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted because it could lead to the buildup of financial imbalances and increase risks to longer-run macroeconomic and financial stability.
According to this RTTNews article, "some say a change in the language of the Fed's commitment to keeping rates low for an 'extended period' could come during the next few meetings." We'll see what happens. The next three FOMC meetings are scheduled for April 27-28, June 22-23 and August 10.