Oh, the Fed has a LOT more control now than just a few years ago. That's what the whole move from LIBOR was all about -- restoring sovereignty to dollar monetary policy to the US. SOFR admittedly isn't arbitrarily set by the Fed or even a purely US market (being based on Repo), but it is targeted, and more importantly, ISN'T set arbitrarily by a cabal of primarily City of London banks as LIBOR had been for decades (which in turn steered the markets for variable rate loans all across the dollar system).

If you (rhetorical you) haven't heard Tom Luongo pound the table about this over the past 3 years I can only assume you haven't heard him speak at all.

That all said, there's a lot of wealth and power to claw back, and doing so has been and will continue to cause more turbulent after decades of America having been steered and looted by London. The ship doesn't turn around on a dime. Though it is striking how fast it's been happening considering that.

Actually looking at this playing out is where it's handy to follow the work of Michael Howell and Nik Bhatia.