The expression ∃y∀x p(x, y) translates to 'there exists a y such that for every x, the predicate p holds true.' This statement indicates that we can find at least one specific value for y that satisfies the condition for all possible values of x in the context of the predicate p. The interaction between the existential quantifier (∃) and the universal quantifier (∀) is crucial, as it establishes a relationship where one variable influences the truth of the statement across all instances of another variable.