The discount rate was a policy variable set by the Fed and it was typically fifty basis points below the Federal Funds Rate.

贴现率是一个联邦可改变的政策，并且它比联邦资金利率通常，低五十个基本点。

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As the storm gathered during 2008, the Fed aggressively eased monetary policy by using such open market operations (supplemented by discount rate reductions) to drive short-term interest rates to near-zero levels.

FORBES: Nothing to Fear from Fed's Monetary Ease