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The first act of the impact of the coronavirus on America's financial markets and banking system was characterised by panic.
冠狀病毒對美國金融市場和銀行體系影響的第一幕是恐慌。
As firms scrambled to amass the cash they needed to survive shutdowns,
各公司爭先恐后地積累度過倒閉危機所需的現(xiàn)金，
they rushed to sell their holdings of securities and draw down their revolving credit lines.
他們匆忙拋售他們所持有的證券，并削減他們的周轉信用額度。
Traders attempting to make markets from their sofas were overwhelmed with record volumes.
試圖坐在沙發(fā)上做市場的交易員被交易量所淹沒。
Banks' loan books and deposit accounts swelled. Risk managers frantically tried to compute potential loan losses.
銀行貸款和儲蓄存款增加。風險經(jīng)理瘋狂地試圖計算潛在的貸款損失。
All this was reflected in the big banks' first-quarter earnings, reported in the middle of April.
所有這些都在大型銀行四月中旬報告的第一季度收入中得到了反映。
Trading profits were sky high, lifting investment-banking revenues.
營業(yè)利潤極高，這也抬高了投資銀行的收入。
But bottom lines suffered as commercial banks set aside reserves to prepare for likely credit losses.
但隨著商業(yè)銀行為可能的信貸損失做撥款準備，盈虧底線受到了影響。
The second act was less turbulent, as government support quelled the panic.
第二幕沒有那么混亂，因為政府的支持平息了恐慌。
Legislation passed in March bolstered unemployment benefits,
三月通過的立法鞏固了失業(yè)津貼，
set up a lending scheme for small businesses and provided a backstop for the Federal Reserve to buy up corporate debt.
為小企業(yè)設立貸款計劃，并為美聯(lián)儲購買公司債券提供了支撐。
This seems to have insulated firms and households from much of the damage, and has restored order to financial markets.
這似乎使公司和家庭免受了大部分損失，還重新恢復了金融市場的秩序。
But unease about the future remains. These dynamics were evident in the second-quarter earnings put out by Citigroup,
但對未來的不安依然存在。7月14日和15日，美國四大銀行：花旗銀行、
Goldman Sachs, JPMorgan Chase and Wells Fargo, four of America's largest banks, on July 14th and 15th.
高盛集團、摩根大通以及富國銀行公布了第二季度收入，這些動態(tài)在其中非常明顯。
(Bank of America and Morgan Stanley, America's other big lenders, were due to report on July 16th, as The Economist went to press.)
（美國銀行和摩根士丹利，美國另外兩大銀行，將于本刊付印之際，即7月16日發(fā)布報告。）
As bond markets began to function again, firms rushed to sell securities.
隨著債券市場重新開始運轉，企業(yè)紛紛拋售證券。
In America companies have issued more than $2trn in equity and debt,
在美國，各公司已經(jīng)發(fā)行了超過2萬億美元的股票和債券，
equivalent to 5% of the entire value of outstanding corporate bonds and public equity, and an increase of almost 50% on the year.
相當于未清償企業(yè)債券和公共股權全部價值的5%，較上年同期增長近50%。
Accordingly, primary-issuance revenues at the four big banks rose by 56%, year over year, to $7.8bn.
因此，四大銀行原始發(fā)行收入同比增長56%，達到78億美元。
Traders stayed busy: trading revenues rose by 70% on the year to an all-time high of $26.9bn.
交易員依舊忙碌：交易收入比去年增長了70%，達到269億美元的歷史新高。
That reflected stronger client activity, as well as wider trading spreads, said Stephen Scherr, the chief financial officer of Goldman Sachs.
這反映出客戶活動增強以及交易價差擴大，高盛集團的首席財務官Stephen Scherr說到。
More company bosses are now telling investors that they hold enough cash to cover two or three years' worth of outgoings.
現(xiàn)在，越來越多的公司老板告訴投資者，他們持有的現(xiàn)金足夠覆蓋兩三年的支出。
Newly recapitalised companies are paying back revolving loans. Of the $55bn drawn down from JPMorgan in March $39bn has since been repaid.
新的資本重組公司正在償還周轉性貸款。在摩根大通今年三月削減的550億美元資金中，已有390億美元已償還。
Commercial banks are bracing for the impact of the crisis, but it has yet to come.
商業(yè)銀行正在為危機的影響做準備，但危機尚未到來。
Although 17.8m Americans were unemployed at the end of June, few have defaulted so far,
盡管6月底，有1780萬美國人失業(yè)，但到目前為止幾乎沒有人違約，
thanks to stimulus cheques and meaty unemployment benefits, and banks' willingness to defer mortgage and credit-card payments.
這多虧了刺激計劃支票和大量的失業(yè)救濟，以及銀行推遲抵押貸款和信用卡支付的意愿。
The four banks' charge-offs—ie, their write-offs for loans in default—
這四家銀行的貸款沖銷——即對違約貸款的勾銷——
rose by just 22% to $4.9bn in the second quarter, up from $3.9bn during the same period in 2019.
從2019年同期的39億美元上升到49億美元，僅上升了22%。
By contrast, $29.5bn was set aside for provisions for expected losses, compared with just $3.9bn in the same quarter in 2019.
相比之下，銀行為預期虧損撥備了295億美元，而2019年同期僅為39億美元。
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