It's the interest rate that clears the market for loans and that interest rate determines the market interest rate.

这个利率决定了借贷市场的出清,并决定市场利率的大小

耶鲁公开课 - 金融市场课程节选

In fact they decide on how to set interest rates and borrowing requirements for member banks.

事实上，他们决定如何制定利率,和会员银行的法定准备金率。

耶鲁公开课 - 金融市场课程节选

In 2003 they decided to change that and they decided to raise the discount rate above the Federal Funds Rate.

在2003年，他们决定改变这个现状,并且决定将贴现率提升到,联邦资金利率之上。

耶鲁公开课 - 金融市场课程节选

It has to stay relevant to the market, so nobody really knows where these interest rates come from because no one person sets them.

交易价格必须与市场价格一致,因此没有人能确定,利率的决定过程,因为个人无法决定利率

耶鲁公开课 - 金融市场课程节选