Minneapolis Fed Chief Warns Inflation is too Low

Reserve Bank of Minneapolis President Narayana Kocherlakota warned Tuesday in a Rochester speech that said the central bank is not fulfilling its duties." Below-target inflation signals the "significant problem" in the U.S. economy, Kocherlakota said: "Resources are being wasted."

Beef prices have reached all-time highs in the U.S. and aren't expected to come down any time soon.
"We've seen strong prices before but nothing this extreme," said Dennis Smith, a commodities broker for Archer Financial Services in Chicago. "This is really new territory."