Since, at the moment, I'm listening to Vincent Reinhart talk about when the Fed will tighten in a session entitled The Fed at a Crossroads -- he says rates will stay low for an "extended period" -- I should note that the FOMC announced today that rates will stay low for, again, an extended period. (Reinhart was more specific and said he thinks rates will start to increase late this year or, more likely, early in 2011 -- Update: at the end of the session, he gave May 2011 as the most likely date.)
One side note: Jon Hilsenrath of the WSJ noted that the phrase "extended period" was coined by Reinhart when he was the Director of the Division of Monetary Affairs at the Federal Reserve Board.
[I'll post the video from this session later. Update: Posted here.]