Currently in the Web UI, search query data is only available under the Reports section. With the update, search terms reporting will be available in-line on the Keywords tab. Here’s a screenshot Bing Ads provided:
According to the announcement, there will also be filtering capabilities to find specific search queries and to filter out those queries that are already included as keywords in an ad group.
The Search Terms Report will eventually be available in the Web UI, Editor and API. To start, however, the report will be available on the WEB UI only. A specific launch date has not been released.