Now that a recession is underway, US and global stock markets are beginning to fall: in a typical US recession, the S&amp;P 500 index falls by an average of 28% as corporate revenues and profits sink. Losses in stock markets have a double effect: they reduce households’ wealth and lead them to spend less; and they cause massive losses to investors who borrowed to invest in stock, thus triggering margin calls and asset fire sales.
在当前衰退不断深化的情况下，美国和全球的股票市场正在开始下跌：在一场典型的美国衰退中，标准普尔500指数会随着公司收入和利润的下滑而平均下跌28%。股票市场的损失会产生双重效应：它们减少了家庭的财富从而使他们的消费下降；同时它们造成借款投资股票的投资者的损失，从而引发保证金催缴和减价销售资产的风潮。