Only two cheers that governments and companies are issuing more long-dated debt. On the one hand, it is a welcome return to normality. After all, you cannot expect roads and companies' investment plans to be financed solely with 90-day money. But it is also bad in that longer-dated debt costs more. That is especially so at the moment, given the steepness of the yield curve. Companies might be able to afford it. Governments cannot.
我们只能为政府和企业发行期限更长的债务稍作欢呼。一方面，这是向正常的回归，是受欢迎的。毕竟，你不能指望公路与企业的投资计划完全依靠90天期的债券进行融资。但这种做法也有不好的一面，因为期限更长的债务成本也会更高。考虑到目前收益率曲线的陡峭度，情况尤其如此。企业也许负担得起。但政府不能。
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