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.

Rip-Roaring Housing Starts

The Census Bureau just reported that, in March, Housing Starts rose a whopping 19.4 and that soundly beat estimates calling for 13.5%. It also reversed February’s revised 11.3% drop. Building Permits also outperformed expectations with a March gain of 2.7% versus estimates of only 1.7%. February’s 10.8% drop was revised

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Initial Claims Fall; Retail Sales Soar

The Bureau of Labor Statistics just announced that Initial Jobless Claims for the week ending April 10th totaled 576k and that was lower than the prior week’s upwardly revised 769k and also less than the 700k that analysts predicted. That’s the lowest weekly total since the lockdown was first initiated.

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Treasuries Weaker to Start the Day

Treasury prices are starting off slightly lower in early trading. Earlier this morning, the Mortgage Bankers Association announced that for the week ending April 9th, Mortgage Application fell another 3.7% after the prior week’s 5.1% decline. Purchase applications were down 1.4% with Refis down 5%. The Average Thirty-Year fixed rate

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Consumer Prices Rose More Than Expected in March

The Bureau of Labor Statistics announced this morning that its Consumer Price Index rose 0.6% last month and that was slightly higher than the 0.5% that analysts predicted. Year-over-year, headline CPI rose to 2.6% from 1.7% and that, too, was slightly greater than the 2.5% twelve-month rate that surveys suggested.

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Treasury Market Braces For Big Auctions

Yields are pretty steady in this morning’s early trading as credit markets look forward to today’s Treasury auctions. At around noon, the Treasury will be selling $58B Three-Year notes and $38B Ten-Year notes. After that, the Treasury is supposed to publish its Monthly Budget Statement for March and we’re expected

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Treasuries Selling Off; PPI Rises More Than Expected

The Bureau of Labor Statistics was about a half-hour late with its release of March’s Producer Price Index report, but Treasuries had begun their sell-off already. Today’s report revealed that headline PPI rose by 1% last month versus an estimate of 0.5%. Year-over-year, that measure rose to 4.2% due to

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Initial Claims Tick Up Again

The Bureau of Labor Statistics just announced that for the week ending April 3rd, Initial Jobless Claims totaled 744k. Analysts were expecting 680k while the prior week’s total of 719k was revised to 728k. Continuing Claims for the week ending March 27th fell less-than-expected to 3.73M from the prior week’s

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Treasuries Steady to Start the Day

Treasury prices are little changed in this morning’s early trading after yesterday afternoon’s rally pushed yields slightly lower. Earlier today, the Mortgage Bankers Association reported that for the week ending April 2nd, new Mortgage Applications fell 5.1% on the heels of the prior week’s 2.2% dip. Details of the report

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Light Data Day

Today’s economic calendar is pretty thin with the only scheduled statistical release coming from the Bureau of Labor Statistics a little later this morning. The BLS is expected to release its Job Openings and Labor Turnover Survey for February and analysts believe it will show that the number of new

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Bonds Weaker While Equities Rally

As investors continue to digest last Friday’s unexpectedly strong Jobs Report, Treasury prices are starting off the week a little lower as equity futures point to further gains. The price of the Long Bond has slipped about 5/8 of a point in early trading and that has pushed the yield

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Non-Farm Payrolls Soar

The Bureau of Labor Statistics just released its Jobs Report for March and the news was better than expected. Non-Farm Payrolls jumped 916k last month against an estimated rise of 660k. In addition, February’s tally of 379k was revised to 468k. Net revisions for the prior two months added 156k.

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Initial Claims Tick Up

The Bureau of Labor Statistics reported this morning that Initial Jobless Claims for the week ending March 27th totaled 719k versus an estimate of 675k. The prior week’s 684k was revised to 658k. Continuing Claims for the week ending March 20th came in at 3.79M and while that was less

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Private Jobs Count Comes in Light

The ADP private Employment Change report was released this morning and the reported March gain of 517k new jobs was a little below the 550k that analysts had expected. February’s count of 117k was revised to 176k. From the Mortgage Bankers Association we learned that, for the week ending March

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Yields Continue Upward Creep

Early activity in the Treasury market has produced lower prices and higher yields. Later this morning, news of home prices will be reported through the FHFA House Price Index along with the CoreLogic Case-Shiller Price Index. Also later, the Conference Board will update its Consumer Confidence Index. So far, the

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