The Fed didn't make any policy changes in today's FOMC meeting. It continues to say the same thing about the target for the federal funds rate: "exceptionally low levels for the federal funds rate for an extended period". The Fed also stated that it will "maintain its existing policy of reinvesting principal payments from its securities holdings."
There are signs that the Fed is laying the groundwork for a policy change that's in the wrong direction from what we had hoped. That policy change is additional monetary easing. This Calculated Risk Blog post has a good description of how the Fed is paving the way for further stimulus which will likely take the form of purchasing of US government securities. That will put downward pressure on long-term interest rates.
For the 6th time this year, Thomas Hoenig again voted against the rate policy. According to the FOMC statement:
he believed that continuing to express the expectation of exceptionally low levels of the federal funds rate for an extended period was no longer warranted and will lead to future imbalances that undermine stable long-run growth.
The lone dissent isn't having much effect.
Future FOMC Meetings
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. The probability of a higher Fed funds rate by next June is shown to be 17.9%. That's way down from 26.9% on Saturday.
The last two FOMC meetings for 2010 are scheduled for November 2-3 and December 14.