No, they do much more than that. You're right, they can't control all the interest rates, but the Fed can very effectively control the short term rate and that does have an impact on the longer term rates.
Barack Obama and his team have failed the USA with $82 Trillion of debts on and off the books. Source-: http://usdebtclock.org/
How can you profit from this information. No puts their money where their mouth is. It's easy to make calls with no money on the line.
Debt per citizen = $38,462 Private debt per citizen = $24,109 Liability per citizen = $192,133 USA is bankrupt http://usdebtclock.org