The third FOMC policy meeting of 2010 ended this afternoon, and the press release looks very similar to March'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.
Thomas Hoenig again voted against this policy, but all other members voted for it. There had been speculation that another member could decide to vote with Hoenig which would suggest a policy change within one or two meetings. Since Hoenig remained the lone dissenter, this would suggest it's going to take some time before the Fed changes its "exceptionally low/extended period" language.
Another thing that suggests that we are not going to see a policy change for a while is that there wasn't much change in the Fed's description of the economic recovery. Some of the comments on the economy were slightly more positive, but the Fed continues to say that housing starts "remain at a depressed level" and that companies "remain reluctant" to add to payrolls.
If you want an idea about what the market thinks regarding when the Fed will start hiking rates, check out this CME Group FedWatch tool. It shows you the probability of rate hikes in the future FOMC meetings based on the 30-Day Fed Funds futures prices. As you might expect, it has a zero percent chance of a rate hike for the next meeting in June. The next three FOMC meetings are scheduled for June 22-23, August 10 and September 21.