The Euro Dollar Markets Are Beyond the Fed's Control, Right?

Jeff Snyder argues that the euro dollars are beyond the Fed's control. But when I think about global dollar phone, I really think about what the Fed's gross powers are. Think back to the weekend before the Fed pushed through its first 75 basis point rate hike. Christine Lagarde publicly approached the Fed in the media saying, you can't do this. You cannot deploy rate hikes of unusually large size and not blow something up over this last weekend.