The Latest Reading on Manufacturing Activity Was 49.1
8月份制造业活动指数为49.1
The August report was the first time in three years that the Institute for Supply Management index was below 50—a level that indicates a contraction.
供应管理协会(Institute for Supply Management)发布的8月份制造业活动指数三年来第一次低于50——这说明制造业活动出现萎缩。
Manufacturing executives said that the trade war with China has hurt business confidence. Stocks fell on Monday after the surprisingly gloomy report.
制造业公司高管称，中美贸易争端给商业信心造成打击。在这一表现意外令人失望的数据公布后，股市周一（9月2日）下跌。
On Average, the Dow has Dropped 0.9% in September
过去50年每年9月份道指平均下跌0.9％
—over the past 50 years. That’s according to Bespoke Investment Group. September is a notoriously bad month for stocks. And the worst declines usually come at the end of the month, so it isn’t comforting that the Dow kicked off the month with a decline.
这是Bespoke Investment Group得出的数字。众所周知，9月对股市来说通常是一个糟糕的月份。最大的跌幅往往出现在月底，因此道指在月初就下跌并不是一个好迹象。
The news isn’t all bad, however. The last three months of the year traditionally bring the best performance in stocks: Over the past 20 years, the Dow has gained more than 3%, on average, during the fourth quarter.
然而也不全是怀消息。传统而言，股市在每年最后三个月的表现往往是最好的：过去20年来，道指在每年第四季度的平均涨幅超过3％。
A 100-Year Treasury Bond?
美国要发行100年期国债？
Treasury Secretary Steven Mnuchin has said he is considering introducing so-called ultra-long Treasuries like a century bond.
美国财政部长姆努辛(Steven Mnuchin)称，他正在考虑推出所谓的超长期国债，例如100年期国债。
The U.S. thought about doing this in 2017 and decided against it, because banks weren’t very enthusiastic. But investors now appear to be warming up to the idea.
美国曾在2017年考虑过推出超长期国债，但最终没有这样做，因为当时银行业对这一设想并不是很热情。但现在，投资者对这一设想的接受程度似乎越来越高。
The longest Treasury-bond lifespan today is 30 years, and the yields on those bonds are close to record lows. Yields help determine the U.S.’s borrowing costs. And because long-term borrowing costs are close to record lows, the century bond sounds like a better option.
目前期限最长的美国国债是30年期，该期限国债的收益率正在接近历史低点。国债收益率即美国的借款成本。由于长期借款成本接近历史低点，因此发行100年期国债看上去是个不错的选择。
翻译 | Anqi
版权声明：
《巴伦》(barronschina) 原创文章，未经许可，不得转载。英文版见2019年9月4日报道“Podcast: A 100-Year Treasury, and Two More Numbers to Know”。
（本文内容仅供参考，投资建议不代表《巴伦》倾向；市场有风险，投资须谨慎。）
