are you asking why the discount interest is higher than the loan? The discount rate is greater than the loan interest rate, and the short-term yield is greater than the loan market interest rate.

1. The money market interest rate used by investors for discount is higher than that used by borrowers for loans, so the discount interest is higher than that of loans.

2. The short-term rate of return in the non-monetary market held by investors is greater than the money market interest rate used by borrowers for loans. Investors can get higher returns by depositing money in the money market or non-money market, while borrowers can only get lower returns from the money market.