If you're a dealer, you've got to keep your bid-ask at market; otherwise, you'll get only one side or the other, right?

如果你是中间商,你的出价必须与市场一致,否则就只能拆东补西

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The difference between bid and ask is the profit for the dealer and the bid-ask spread is the profit for the dealer.

中间商的利润来自出价和要价的差别,差价就是中间商的利润

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It's different from Fed policy in that they set up a certain amount of money and auction that off to the highest bidder.

这与美联储政策不同,因为他们设定了一定数量的连出价最高的投标者,都无法触及的货币拍卖。

耶鲁公开课 - 金融市场课程节选

So, the bid price is the--they don't do it in terms of price, they do it in terms of discount so the bid discount rate- there would be two numbers for each.

出价,往往不以报价的形式出现,而是以折扣率,出价的折扣率,有两个相关的数字

耶鲁公开课 - 金融市场课程节选