Markit’s Gavan Nolan wrote this CDS report

The decade began with the optimists in the ascendancy, at least in the financial markets. Recoveries are under way in the major economies, with Q4 2009 GDP figures expected to show solid growth. Even the clouds on the horizon were greeted with equanimity. A disappointing December US jobs report caused spreads to tighten rather than widen; anything that encouraged loose monetary policy was welcomed. Read more