Banks remain riddled with toxic assets. This is true however much one chooses to ignore it. One reason for the recent rally in bank stocks was a shift in focus from balance sheets towards the sector's renewed earnings power. Fair enough – banks are making oodles of cash from strong flows and a steep yield curve, and will probably muddle though the upcoming results season.
銀行仍然充斥著有毒資產。無論人們如何選擇回避，這一點都確然無疑。銀行類股最近之所以出現(xiàn)反彈，原因之一在于，投資者的關注重點從資產平衡表轉向該行業(yè)重新獲得的盈利能力。這十分合理——銀行正從強勁資金流和陡峭的收益曲線中賺得大把現(xiàn)金，也許還能安渡即將來臨的業(yè)績發(fā)布期。
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