They're Not Going to Take It

Action, reaction. "Emerging economies expressed displeasure at the Fed's move, making any substantive deal on global imbalances and currencies at next week's Group of 20 meeting in Seoul even less likely." A significant (side?) effect of QE (and QE2) is the pumping up of commodity prices and emerging markets. To some extent the Fed is exporting a good deal of inflationary potential to these areas. Is a significant rise in the price of oitl, for example, a barometer of how successful the Fed has been in its actions?