All that means is that it is cheaper to borrow money for the short term than the long. Good for you. Buy the 2-year treasuries..
Sorry, that’s backwards. What it means is that the yield on shorter term treasuries is higher than longer term ones. Yield is calculated on both price related to face value and coupon interest (longer term bond).
Interest rates you pay are based on a margin over yields for many loans. Fed Funds an Discount rates are reserved for special customers (banks, countries central banks,etc.