Of all the lesson we learned from last week about the coming week, by far the most interesting of all was NOT from the FOMC minutes, other Fed events, nor from the normally top market moving US jobs reports that proved to be even more significant given its shockingly bad news. No, unless I’m really missing something, the clear winner of the biggest lesson for the coming week’s award was the stunning divergence between the sunny market perception of GIIPS credit risk and their darker reality. The past week saw an overall jump in prices and interest in GIIPS assets. The main catalysts were better than expected Spanish ... (full story)