Meaning of `() => {}` in ReactJS
<p>I was watching a tutorial on React and I came across this statement:</p>

<pre><code>  setTimeout(() =&gt; {
    this.setState({name: "Bob"});
  }, 1000)
</code></pre>

<p>Now, I'll admit I'm pretty new to JS in general so this might just be ignorance on the basics, but what is happening with <code>() =&gt; {}</code>? I googled it without any luck. Outside references welcome. </p>