No it's not:
The Fed’s discount rate is the only interest rate directly set by the Fed. The discount rate is the rate at which the Fed lends money to banks who must borrow from the Fed in order to have the required reserve level set by the Fed. Ordinarily, borrowing from the Fed is something that occurs when a bank is financially distressed – borrowing directly from the Fed is rare and infrequent.
However, the setting of the discount rate has value to the market as a signal of the Fed’s intentions or desires.
If the Fed raises the discount rate, it generally signals a tighter monetary policy. For a bank to borrow from the Fed, it will cost more. The intended signal to the banks is: Don’t engage in deposit creation (lending under the fractional reserve system) to such an extent that you overstep the bounds of the reserve requirement. Because of the profit motive, banks will lend right up to the edge of their reserve requirement limitations, knowing that if they need to, they can borrow from the Fed. The signal of increased discount rate tells the banks to cool it, it will cost more to recover if you are too loose in lending.
The opposite signals are sent when the Fed lowers the discount rate. The Fed is saying to banks: Lend away, we are here to help and at a cheaper price. The encouragement is for banks to engage in money creation by lending, all the way to the limits of their reserve requirements. (W/ acknowledgments to OwenKellog).