The approach that I like best for puzzles like this, is to translate it to logic, and then let the shape of the formulas guide the solution.
Some puzzles of this type require more sophisticated formalizations (see for example this and that answer of mine here on math.SE), but for this puzzle it suffices to let $\;E\;$ stand for both "Ed is innocent" and "Ed tells the truth", and similarly $\;F\;$ and $\;T\;$.
With this, Ed's statement can be translated to
\begin{align}
\tag{0} E & \;\equiv\; \lnot F \land T \\
\end{align}
In words: "Ed tells the truth if and only if Fred is guilty and Ted is innocent." Similarly, we have
\begin{align}
\tag{1} F & \;\equiv\; (\lnot E \Rightarrow \lnot T) \\
\tag{2} T & \;\equiv\; T \land (\lnot E \lor \lnot F) \\
\end{align}
And we now need to determine $\;E,F,T\;$.
The shape of these formulas suggests that $(0)$ and $(1)$ can be substituted in the other equations to reduce the number of variables.
So let's start with substituting $(0)$ in $(1)$, after an initial simplification:
\begin{align}
& (1) \\
\equiv & \qquad \text{"write $\;\phi \Rightarrow \psi\;$ as $\;\lnot \phi \lor \psi\;$, and simplify"} \\
& F \;\equiv\; E \lor \lnot T \\
\equiv & \qquad \text{"substitute for $\;E\;$ using $(0)$"} \\
& F \;\equiv\; (\lnot F \land T) \lor \lnot T \\
\equiv & \qquad \text{"use negation of $\;\lnot T\;$ on other side of $\;\lor\;$"} \\
& F \;\equiv\; (\lnot F \land \text{true}) \lor \lnot T \\
\equiv & \qquad \text{"simplify"} \\
& F \;\equiv\; \lnot F \lor \lnot T \\
\equiv & \qquad \text{"simplify -- see below"} \\
& F \land \lnot T \tag{1'} \\
\end{align}
(For a proof of the last step, see another answer of mine.)
So we already know that $\;F\;$ is true and $\;T\;$ is false, and now we can substitute this in $(0)$ to determine $\;E\;$:
\begin{align}
& E \\
\equiv & \qquad \text{"$(0)$"} \\
& \lnot F \land T \\
\equiv & \qquad \text{"left part of $\text{(1')}$; right part of $\text{(1')}$; simplify"} \\
& \text{false} \\
\end{align}
So we've determined that Fred is innocent and both Ted and Ed are guilty, and we did not need to use Ted's statement $(2)$.