The dramatic loosening of monetary policy is spiking dollar-based commodity prices worldwide. While there are many factors driving higher commodity prices, including U.S. biofuels mandates, I believe Fed policy is a major cause. Banks and homeowners and some exporters are helped by the Fed's actions, but consumers are taking it on the chin. As Milton Friedman once said, there's no such thing as a free lunch.

(ht for the underlying graph to "Anonymous" commenter at Calculated Risk, Fed timeline from various news reports)