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

It's actually having the effect of not letting the markets clear.

它实际的作用是,阻止市场出清。

耶鲁公开课 - 金融市场课程节选

Why the interest rate clears-- it's a mysterious phenomenon, because it's a market phenomenon and each person only sees his or her own contribution to the market and not the whole market.

为什么这个利率能让市场出清...,这是个不可思议的市场现象,每个人只能看到自己在市场中的行为,而不了解整体市场情况

耶鲁公开课 - 金融市场课程节选