The speaker distinguishes market borrowing rates from the government-set rate, describing the relevant market rate as the spread between them and the rates charged to borrowers.

“um in the market not necessarily the government set interest rate but in the market the spread of interest rate uh between what the government says their federal rate is versus what everyone else is charging because amazon wants to raise 100 billion dollars of debt next year or whatever the hell the number is um you know probably less but um you end up with this like really challenging problem of where does the cash come from um there is some level that is funded by cash flows and cash flows”