“We know the trouble’s there but I think a tougher credit market is kind of factored in to a lot of the thinking,” said Sandler O’Neill analyst Jeff Harte. Analysts cautioned that any losses at this stage seem relatively small, and could be offset by gains in other parts of banks’ bond trading businesses, such as Treasuries trading. Analysts have not been reducing bank earnings estimates in recent weeks as parts of the loan market have sputtered.