The Federal Reserve tested 32 big banks. All banks passed the test. They have enough money to stay safe if the economy becomes bad.

聯準會測試了32家大型銀行。所有銀行均通過了測試。即使經濟惡化，它們也有足夠的資金來維持安全。

The Federal Reserve imagined a bad economy. In this story, many people lost their jobs. House prices and stock prices went down. Banks would lose a lot of money from loans.

聯準會想像了一種經濟惡化的情境。在這個情境中，許多人失業，房價和股價下跌。銀行將從貸款中損失大量資金。

But the banks are still strong. They have more money than the law requires. A leader at the Federal Reserve says the banks are safe.

但銀行依然強健。它們擁有的資金超過了法律要求。聯準會的一位領導者表示，這些銀行是安全的。

Because the banks are safe, they are giving money back to their owners. Some banks, like JPMorgan Chase and Goldman Sachs, are paying more money to their shareholders.

由於銀行安全，它們正將資金回饋給所有者。部分銀行，如摩根大通和高盛，正向其股東支付更多資金。

US banks have plenty of money. They can pay their owners and wait for new rules.

美國銀行資金充裕。它們可以向所有者支付款項並等待新規定。

The Federal Reserve has announced that all 32 largest banks passed its 2026 annual stress test. This confirms that these institutions can remain stable even during a severe economic crisis.

聯準會已宣布，全部 32 家最大銀行均通過了 2026 年年度壓力測試。這證實了這些機構即使在嚴重的經濟危機期間也能保持穩定。

The test used a difficult economic scenario, including a 4.6% drop in the U.S. economy and an unemployment rate of 10%. Furthermore, the model predicted a 58% fall in stock prices and significant losses in the real estate market. These conditions would cause a total of $708 billion in loan losses, particularly in credit cards and commercial loans. However, the industry's capital ratio would only drop from 12.8% to 11.2%, which is still well above the legal minimum of 4.5%. Consequently, Vice Chair Michelle Bowman emphasized that these results prove the banking system is strong.

該測試採用了一個嚴苛的經濟情境，包括美國經濟下降 4.6% 以及失業率達到 10%。此外，模型預測股價將下跌 58%，且房地產市場將出現重大損失。這些條件將導致總計 7,080 億美元的貸款損失，特別是在信用卡和商業貸款方面。然而，產業的資本比率僅會從 12.8% 下降至 11.2%，仍遠高於 4.5% 的法定最低限額。因此，副主席 Michelle Bowman 強調，這些結果證明了銀行體系十分強健。

Because of these positive results, many banks have decided to give more money back to their shareholders. For example, JPMorgan Chase announced a $50 billion share buyback program and increased its dividends. Similarly, Goldman Sachs, Wells Fargo, and Morgan Stanley all raised their dividends. While Bank of America will announce its plans next month, most major firms are using this stability to reward investors.

由於這些正面結果，許多銀行決定將更多資金回饋給股東。例如，摩根大通宣布了一項 500 億美元的股份回購計劃並調高股息。同樣地，高盛、富國銀行和摩根士丹利均提高了股息。雖然美國銀行將在下個月宣布計劃，但大多數大公司正利用這種穩定性來獎勵投資者。

It is important to note that this year's test is different because the results will not change immediate capital requirements. The Federal Reserve has paused these adjustments until 2027 to improve its methods. As a result, some analysts suggest that banks are simply following a routine and are instead focusing on the upcoming Basel III Endgame regulations.

值得注意的是，今年的測試有所不同，因為結果將不會立即改變資本要求。聯準會已將這些調整暫緩至 2027 年，以改進其方法。因此，部分分析師認為銀行僅是在履行例行程序，而實際上正專注於即將到來的 Basel III Endgame 監管條例。

The U.S. banking sector remains financially strong according to the Federal Reserve. This allows major banks to increase dividends and buybacks while they wait for new regulatory changes.

根據聯準會的說法，美國銀行業在財務上依然強健。這使得大型銀行在等待新監管變更的同時，能夠增加股息與回購。

The Federal Reserve has announced that all 32 systematically important banks passed its 2026 annual stress test, confirming their ability to maintain operational stability during a severe economic downturn.

聯準會宣布，全部 32 家系統性重要銀行均通過了 2026 年年度壓力測試，確認其在嚴重經濟衰退期間維持營運穩定的能力。

The evaluative framework, mandated by the Dodd-Frank Act, simulated a severely adverse economic scenario characterized by a 4.6% contraction of the U.S. economy, a rise in unemployment to 10%, and significant depreciations in equity and real estate markets. Specifically, the model projected a 58% decline in stock valuations, a 30% reduction in residential housing prices, and a 39% decrease in commercial real estate values. These conditions would theoretically generate $708 billion in aggregate loan losses, with substantial concentrations in credit cards ($200 billion), commercial and industrial loans ($160 billion), and commercial real estate ($75 billion).

此評估框架由《多德-弗ランク法案》授權，模擬了一個嚴重不利的經濟情境，其特點為美國經濟萎縮 4.6%、失業率上升至 10%，以及股票和房地產市場大幅下跌。具體而言，該模型預測股票估值將下降 58%，住宅房價下降 30%，商業地產價值下降 39%。理論上，這些條件將產生 7,080 億美元的總貸款損失，其中集中在信用卡（2,000 億美元）、商業及工業貸款（1,600 億美元）以及商業地產（750 億美元）。

Despite these projected losses, the industry's common equity Tier 1 capital ratio would decrease by only 1.6 percentage points, shifting from 12.8% to 11.2%. This remains significantly above the regulatory minimum of 4.5% plus individual buffers. Consequently, the Federal Reserve Vice Chair for Supervision, Michelle Bowman, characterized the results as an affirmation of the banking system's robustness.

儘管有這些預計損失，產業的普通股一級資本比率將僅下降 1.6 個百分點，從 12.8% 降至 11.2%。這仍顯著高於 4.5% 加上個別緩衝區的監管最低限額。因此，聯準會負責監督的副主席 Michelle Bowman 將結果定調為對銀行體系穩健性的肯定。

Institutional responses to these findings have been characterized by an increase in shareholder distributions. JPMorgan Chase announced a $50 billion share repurchase program and a dividend increase to $1.65 per share. Similarly, Goldman Sachs, Wells Fargo, and Morgan Stanley reported dividend increments of 11%, 11%, and 15% respectively, with Morgan Stanley also reauthorizing a $20 billion buyback. Bank of America indicated that its dividend announcement would be deferred until the following month.

機構對這些發現的反應表現為增加對股東的分配。摩根大通宣布了一項 500 億美元的股份回購計劃，並將股息增加至每股 1.65 美元。同樣地，高盛、富國銀行和摩根士丹利分別報告股息增加 11%、11% 和 15%，其中摩根士丹利還重新授權 200 億美元的回購。美國銀行則表示，其股息公告將推遲至下個月。

Notably, the current exercise differs from previous iterations in that the results will not influence immediate capital requirements. The Federal Reserve has suspended adjustments to stress capital buffers until 2027 to facilitate a methodological overhaul. This regulatory hiatus has led analysts at KBW to describe the process as 'going through the motions,' suggesting that institutional focus has shifted toward the anticipated Basel III Endgame proposal.

值得注意的是，本次演習與以往不同之處在於，結果將不會影響即時的資本要求。聯準會已暫停對壓力資本緩衝區的調整直至 2027 年，以利於方法論的全面翻修。這一監管空窗期導致 KBW 的分析師將該過程描述為「走形式」，暗示機構的焦點已轉向預期的《巴塞爾協定 III 最終方案》（Basel III Endgame）提案。

The U.S. banking sector remains well-capitalized according to Federal Reserve projections, enabling major firms to increase dividends and buybacks while awaiting further regulatory revisions.

根據聯準會的預測，美國銀行業資本依然充足，使大型公司在等待進一步監管修訂之際，能夠增加股息和回購。