TBill / FF Rate question quality, happening, different, understand

Flok

So the yield on the 3 mos TBill was below 1.75% for all of September.
I understand why this is happening (risk aversion, flight to quality, fed priming system with money…) my question is how is this any different from a rate cut?
Ok, so the discount rate has not changed so banks cannot access the discount window at a lower rate in that sense its different from a rate cut  but how else?

Wendy01

The other issue is that when the Fed cuts rates they are signalling an expansionary monetary policy. Thus, it’s not only the rate that matters is why the rate got lowered.
Remember that Tbill is a lending rate and Fed Funds is a borrowing/lending rate.

noel

Thanks guys!