T he past three months have afforded investors little pause for thought. Since a run on Silicon Valley Bank ( svb ) in March, markets have had to judge first whether one American lender would collapse (yes), then others (yes, though mercifully few), then whether the contagion would spread overseas (just to Credit Suisse). With the takeover of First Republic, another regional lender, on May 1st, bank failures seemed to have petered out. But by then it was time to worry about whether America’s politicians would throw global markets into chaos by defaulting on their sovereign debt. As this column was published, they at last appeared to have decided not to, provided a deal between President Joe Biden and Kevin McCarthy, the Republican speaker of the House of Representatives, makes it through Congress.
过去三个月来，投资者几乎没有暂停。自从3月在硅谷银行（SVB）上跑步以来，市场不得不首先判断一个美国贷方是否会崩溃（是），然后其他人（是的，虽然很少），那么侵袭是否会在海外传播（仅仅是为了贷方瑞士信贷）。随着First Republic的接管，另一个地区贷方于5月1日，银行失败似乎已经陷入困境。但是到那时，是时候担心美国的政治家是否会通过拖欠其主权债务将全球市场陷入混乱。随着本专栏的出版，他们终于决定不这样做，前提是总统乔·拜登（Joe Biden）和众议院共和党发言人凯文·麦卡锡（Kevin McCarthy）通过国会实现了这一协议。
