Getting warmer: Credit markets continue to thaw

More good news on the financial front: credit markets continue to thaw. The three month London interbank offered rate, or Libor, fell four basis points to 79 basis points Monday -- its biggest one-day decline since March 19, Bloomberg News reported.

The Libor has now declined 11 basis points in a week, its largest decline since January. Further, the TED spread, the difference between what banks and the U.S. Treasury pay to borrow for three months, also narrowed one basis point to 66 basis points, its lowest level since August 2007.