1.   A narrower spread suggests investors are demanding a smaller risk premium to invest in gilts rather than bunds.

2.   A narrower spread suggests rising investor expectations that the Federal Reserve will raise short-term interest rates enough to control inflation.

3.   A narrowing spread suggests that the bond investors consider the bonds less risky.

4.   A wider spread suggests mounting hopes the Federal Reserve will cut interest rates.

5.   A wider spread suggests the economy is getting stronger and may signal higher interest rates ahead.

6.   A wider spread suggests investors are requiring a greater risk premium to invest in gilts rather than bunds.

7.   A wider spread suggests optimism the Fed will cut interest rates.

8.   A wider spread suggests investors are demanding a greater risk premium to invest in gilts rather than bunds.

9.   The higher yield spread suggests investors want more compensation for the risk of holding mortgages.

10.   The narrow spreads suggest mortgages are relatively expensive.