1.   A narrower spread implies a higher relative price.

2.   A wider spread implies a cheaper relative price.

3.   A wider spread implies a lower relative price.

4.   But to officials from the East, such a huge spread would imply great wealth.

5.   The narrower spread implies a higher relative price.

6.   The wider spread implies a lower relative price.

7.   The wider spread implies a lower relative price for mortgage bonds.