Life is a twisting stream and financial conditions are fluid. The Baker Market Moment is your way to keep on top of the latest in economic events and market-moving news. If it matters to markets, it matters to you; so whether it’s the latest news from the Fed or the latest number from Wall Street, the Baker Market Moment is where you can find it.

Market Moment

  • January 27, 2020 Viral Concerns Concerning to Markets by Lester Murray

    As the numbers of fatalities and infected persons grow, the numbers of concerned investors grow along with them.  Domestic equity markets are poised to open significantly lower while bond prices rally.  Hard.  Ten-Year Treasuries are up about 5/8 point for a yield that's barely 1.60%.  On the short end, a Two-Year Treasury is yielding around 1.44%.  New Home Sales and the Dallas Fed Manufacturing Index are scheduled for release later this morning with no surprises expected.  Surprises never are.

  • January 24, 2020 Data and Germs Rally Bonds by Lester Murray

    The Treasury's Ten-Year yield has been pushed below 1.70% this morning as the world frets over the coronavirus while a key manufacturing measure reinforces a downturn that doesn't need reinforcing.  Markit US announced that its privately tabulated Purchasing Managers Index for Manufacturing fell to 51.7 from 52.4.  Pre-release surveys estimated 52.5.  The PMI for Services fared slightly better with a move from 52.8 to 53.2.

    The price gain on the Ten-Year is about 3/8 point while the Long Bond is up over 3/4 and yielding a lofty 2.14%.  And for investors who want to get at least 1.50% out of the Two-Year, you can forget about that for the time being.

  • January 23, 2020 Markets Infected by Coronavirus Concerns by Lester Murray

    Investor fears about the risk of the potential spread of a coronavirus outbreak in China remain the biggest market driver of the week.  Bond prices are up and equities are in the red so far this morning. Today's price gain of almost a half-point on the Ten-Year has pushed that issue's yield down to around 1.72%.  In the meantime, the Two-Year has broken below 1.50% while the Long Bond has enjoyed a price rise of over a full point.  That'll get you about 2.15%. 

  • January 17, 2020 Housing Starts Up, Bond Prices Down by Lester Murray

    Bond markets are greeting Friday morning with a sell-off at least partly because of the highest jump in Housing Starts in 13 years.  The Census Bureau reported a 16.9% rise in new residential groundbreakings for December and that translates into an annualized 1.61 million unit annualized rate of growth.  Equity futures like it, with bonds not so much.  The Ten-Year's yield is up about 5 basis points to around 1.85%.  Sell-off in longer-dated Treasuries has been a little deeper after the Treasury's announcement of its plans to issue a new 20-year bond.

  • January 16, 2020 Consumers Hanging In There by Lester Murray

    Concerns over consumers' well-being and continuing capability to consume were at least partly assuaged this morning with the Census Bureau's announcement that Retail Sales grew by 0.3% in December on the strength of holiday enthusiasm.  This outcome was in line with pre-release surveys and came along with a slight upward revision to November's tally.  The stock market likes the news as it tends to like all news these days.  Bonds are off a handful of ticks with the Ten-Year revisiting a 1.80% yield.

    Also this morning, a monster comeback for the Philadelphia Fed's Business Survey Diffusion Index of General Conditions.  This business barometer was expected to come in at around 3.8 but blew through that to a level of 17!  December's value was upgraded to 2.4 from just 0.3.  It's sometimes sunny in Philadelphia.

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