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

The Fed has these auctions but it auctions them off at what price the public will pay, so the Fed doesn't determine the term structure.

联储局公开拍卖债券,但只有当公众愿意以特定价格支付时,这些债券才能成交,所以联储局不能决定期限结构

耶鲁公开课 - 金融市场课程节选