失業率下降快于預期（美國失業率已經先于計劃，降至7%）...

Faced with a faster drop in the unemployment rate than expected (we are already at 7% ahead of schedule) ...

... 美聯儲（Federal Reserve）將被迫縮減經濟刺激政策...

... the Federal Reserve will be forced to back off its stimulus efforts ...

... 結果造成利率上升，不到一個月，利率上升了3個百分點。

... causing interest rates to spike, up three percentage points in less than a month.

于是，持有大量債券的美國五大銀行將損失550億美元。光這些，不會讓我們陷入金融危機。比如，身為《財富》美國500強公司的美國銀行（Bank of America）的資本充足率將仍將達到7.4%，略低于7.5%的法定要求。

The nation's five largest banks, which hold lots of bonds, will lose $55 billion. That alone wouldn't push us into a financial crisis. Bank of America (BAC, Fortune 500), for instance, would still have a capital ratio of 7.4%, just south of the required 7.5%.

但你知道會發生什么嗎？會有一家大型信用對沖基金倒閉。這家對沖基金可能使用美國國債作為抵押品，通過到期回購交易對擔保債務憑證（CDO）進行了杠桿投資。（沒錯，華爾街直到現在仍然在從事這類交易。）

But you know what will? The blow up of a large credit hedge fund, which had made a leveraged bet on collateralized debt obligations through repo-to-maturity trades using Treasuries as collateral. (Yes, Wall Street still does those deals.)

一些緊張的投資者將逃離金融市場...

Already nervous investors will run from financial markets ...

...造成信用擠兌。

... causing a credit crunch.

于是，銀行為了覆蓋近期資本損失將被迫轉向美聯儲尋求幫助。華爾街將此稱為短期融資，別人則稱之為救助。這種做法會起作用，但會讓在過去一年將銀行股價推高30%的投資者大感意外。明年肯定不會有出現這么好的行情了。（財富中文網）

Banks nursing their recent capital losses will be forced to turn to the Fed for what Wall Street calls short-term funding and the rest of us call a bailout. It will work, but all of it will come as a surprise to investors who have bid bank stocks up 30% in the past year. Next year won't be as good.