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U.S. banks had only a few weeks’ experience with the full-blown pandemic when they last tried to forecast how bad things would get. Now, they’re about to reveal what three more months of Covid-19 did to the industry.

Second-quarter results, set for release next week, will probably show that the trends that took hold at the start of the year only intensified: surging provisions for loan losses and slumping consumer spending, with trading gains helping some banks weather the storm.

“We’ve got a full three months of the pandemic coming through the numbers now,” Kyle Sanders, an analyst at Edward Jones, said in an interview, adding that the second quarter was probably the worst for bank earnings since the financial crisis. “The first quarter was rough, but it really only reflected a couple of weeks in March.”

Soaring unemployment left many consumers unable to pay back their debts or take on new borrowing, forcing banks to set aside more to cover souring loans and crimping their net interest income. At the same time, nationwide stay-at-home orders left once-bustling downtowns and …

Dr. Scott Gottlieb told CNBC on Friday he believes there continues to be a significant number of unreported coronavirus cases in the U.S., suggesting as many as 1 in 150 people in the country could be infected. 

“We must have well over 700,000 infections a day, even though we’re only diagnosing about 60,000,” Gottlieb said on “Squawk Box.” “Before, when we had come down, and we were sort of burning around 20,000 diagnosed infections a day, the conventional wisdom was the prevalence was 1 in 200 people. Now, it must be higher than that.”  

Gottlieb’s comments come as the U.S. continues to report record, or near record, levels of daily new coronavirus infections. While the increase can be partly attributed to added testing capacity, the overall rate of positive tests in the country also is increasing. That is an indication of growing community spread. 

“It’s going to be hard to get to a point where you could — you’re not going to eliminate the infection — but get it down to levels that are much, much lower,” said the former commissioner of the Food and Drug Administration. “The prevalence of actual infection in the country right now must be