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.
银行仍然充斥着有毒资产。无论人们如何选择回避，这一点都确然无疑。银行类股最近之所以出现反弹，原因之一在于，投资者的关注重点从资产平衡表转向该行业重新获得的盈利能力。这十分合理——银行正从强劲资金流和陡峭的收益曲线中赚得大把现金，也许还能安渡即将来临的业绩发布期。
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