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?