There's an old Far Side cartoon where someone discovers a guy in a room full of telephones behind a door labeled 'They' and shouts something like "MORTIMER STANLEY! So you're the they in 'That's what they say!'"
In a similar vein, you constantly see news, articles, media, advertisements, and many other sources referring to "interest rates" generically, as in "national interest rates."
I know what an interest rate is. That's not what I'm asking.
I'm asking, when people say that "interest rates have risen" or "interest rates are (low|high) right now", what are they referring to, specifically? Mortgage rates? Bond interest rates? Car loan rates? The many other types of rates there are?
Surely all these things don't move together as one. How does it make sense to lump them all together into the general phrase "interest rates"?