A CDS is just a contract between a buyer, who pays a premium, and a seller, who will make a payment to the buyer if a bond default occurs.
CDS只是一份合同，买家支付保费，卖家在出现债券违约时向买家支付本息。
3
The gold bugs saw QE as inflationary, equity enthusiasts saw the tactic as boosting growth and the bond markets had the comfort that the Fed would be the "buyer of last resort" for Treasuries.