Key points from today's Federal Reserve press conference:

_ We will work together to achieve the Fed's goals.

_ The goal is to implement monetary policy correctly.

_ There is no reason to reconsider the 2% inflation target.

_ Inflation is significantly higher than the 2% target.

_ Kevin Warsh agrees that forward guidance is not entirely appropriate for the current situation.

_ Economic activity is expanding at a steady pace.

_ Persistently high prices are a significant burden on citizens.

_ We have failed to control inflation for five years.

_ Financial markets will be better served when they respond to actual economic data.