Market Moment

The Baker Market Moment is your way to stay on top of the latest in economic events and market-moving news. 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.

New Pandemic Low For Jobless Claims

The Bureau of Labor Statistics announced this morning that Initial Jobless Claims for the week ending May 1st totaled 498k and that’s the first time they’ve been below 500k during the pandemic era. The prior week’s 553k was revised to 590k. Continuing Claims for the week ending April 24th rose

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Early Payroll Count Comes in Light

ADP announced its April Employment Change Report this morning and the monthly gain in private payrolls of 742k was below estimates calling for 850k. March’s total of 517k was revised to 565k. The Bureau of Labor Statistics will release its April Jobs Report on Friday and a payroll gain of

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Treasury Prices Inching Higher

Treasury bond prices, already up slightly in early trading, were little affected by this morning’s announcement by the Census Bureau that the nation’s Trade Balance for all goods and services became more negative in March. February’s deficit of $71.1B was revised to $70.5B with March’s shortfall coming in at $74.4B,

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Treasury Prices Slipping as the Week Begins

Prices in the Treasury market are starting off the week slightly lower than where they ended last week and that has pushed yields fractionally higher. No data pronouncements are expected until later this morning when Markit U.S. and the Institute of Supply Management will release their PMI Manufacturing reports for

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Income, Spending, and Inflation

The Bureau of Economic Analysis reported this morning that Personal Income rose a relief-fueled 21.1% in March and that beat the estimates calling for 20.3%. February’s plunge of 7.1% was revised to a plunge of just 7%. Personal Spending rose 4.2% and that was pretty much in line with the

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Jobless Claims and GDP

Thanks to an upward revision to the prior week’s total, the 553k Initial Jobless Claims just reported for the week ending April 24th represent a decline of 13k. The 547k previously reported for the week ending April 17th was revised to 566k. For the most recent week, analysts were expecting

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Trade Deficit Widened in March

The Census Bureau announced this morning that the nation’s Trade Balance became more negative in March with a move to minus $90.6B from a slightly revised minus $87.1B. Analysts were only expecting a move to minus $88B. Earlier, the Mortgage Bankers Association reported that Mortgage Applications fell 2.5% last week

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Home Price News

Moments ago, the FHFA announced that its House Price Index rose 0.9% in February and that was slightly below the 1% that analysts were expecting. The CoreLogic Case-Shiller report was also released this morning and for February, its 20-City House Price Index rose 1.17% and slightly beat estimates calling for

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Orders for Durable Goods Come in Light

The Census Bureau just issued its preliminary report for Durable Goods Orders in March and the rise of 0.5% missed the estimates calling for a 2.3% gain. February’s decline of 1.2% was revised to a 0.9% dip. Without Transportation components, Orders roe 1.6% as expected and last month’s fall of

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Treasury Prices Slipping a Bit

Later this morning, Markit U.S. will announce its April PMIs for Manufacturing and Services and both measure are expected to show improvement. The Census Bureau is then expected to report that New Home Sales might have risen 14% in March. For now though, markets are drifting without a lot of

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Existing Home Sales Fall Further Than Expected

The National Association of Realtors reported a little while ago that the annualized pace of Existing Home Sales fell 3.6% in March and that exceeded the expected drop of just 0.2%. In raw numbers, March’s annualized volume fell to 6.01M from a slightly revised 6.24M. Also just out from the

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Good News to Start the Day

The Chicago Fed led off today’s spate of economic data with the news that its National Activity Index rose more than expected last month to a level of 1.71 from a downwardly revised minus 1.2. Analysts were only expecting a move to 1.25 in a rebound from February’s previously reported

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Treasuries Steady to Start the Day

Today’s only data-point has had little effect on markets. Early this morning, the Mortgage Bankers Association reported that for the week ending April 16th, Mortgage Applications rose 8.6%. This measure has been negative for nine of the last ten weeks. In this morning’s report, Purchase applications rose 5.7% with Refis

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Another Light Data Day

The economic news calendar is pretty open today. The Treasury is selling $35B 52-week bills a little later, but that’s about all that’s going on. Treasury prices are little changed with the Long Bond’s yield right at 2.30% and the Ten-Year sitting at 1.60%. The Two-Year is steady at 16

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Quiet Monday Morning

There are no economic data releases scheduled for today and markets are beginning their week a bit subdued. Treasury prices are slightly lower with little change to yields. The Long Bond is trading around 2.27% with the Ten-Year’s yield at 1.58%. The Two-Year still languishes around 16 basis points. Likewise,

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