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.

Income and Spending Fell Hard in February

The Bureau of Economic Analysis reported this morning that Personal Income fell 7.1% last month after leaping 10% the month before. Analysts were not surprised and had estimated a slide of 7.1%. Personal Spending fell 1% which was a little more than the 0.8% slide that was anticipated. Inflation-adjusted Real

View

Jobless Claims Show Improvement

The Bureau of Labor Statistics announced this morning that Initial Jobless claims for the week ending March 20th totaled 684k and that was less than the prior week’s upwardly revised 781k and also less than the expected 730k. This is also the first week since the year-long lockdown began that

View

Weak Data Morning

A spate of weak economic data is starting off the day. Early this morning, the Mortgage Bankers Association announced that Mortgage Applications fell 2.5% last week after dipping 2.2% the week prior. Purchase applications were up 2.6% while Refis fell 5.1%. The average 30-year fixed rate loan was 3.36%. From

View

Treasuries Continue Their Comeback

Concerns over more lockdowns and restrictions in the EU have bled into domestic markets this morning as equities sell-off in pre-opening trading while bonds rally. The yield on the Ten-Year has drifted down to 1.65% while the Long Bond has rallied to 2.36%. The Two-Year is little changed at around

View

Treasury Prices Creeping Up

In early morning trading, Treasury yields have dipped slightly as prices firm up just a little bit. The Long Bond’s yield has fallen slightly to 2.39% with the Ten-Year yielding around 1.68%. The Two-Year is steady at around 15 basis points. The Chicago Fed made today’s first data release with

View

Bonds Attempting a Comeback

On the heels of yesterday’s harsh sell-off, Treasury prices are slightly higher in early morning trading. With no data pronouncements scheduled for today, investors seem to be taking a breather. The Long Bond’s half-point rise has put that yield at 2.42% while a smaller price gain on the Ten-Year has

View

Bonds Take it on the Chin

Bond investors, apparently unsatisfied with Chairman Powell’s attitude toward inflation, have taken it upon themselves to do something about it and have been selling their Treasuries overnight and this morning. As a result, the Ten-Year’s yield has been pushed up to 1.73% off of a 3/4 point price decline while

View

Treasuries Slip Ahead of Fed Announcement

Treasury prices are slightly lower in early trading as investors await the results of the FOMC’s March meeting. Chairman Powell will hold a press conference after the meeting’s conclusion this afternoon and a new “dot-plot” and a refreshed Summary of Economic Projections will be published. Earlier today, the Mortgage Bankers

View

Retail Sales Plunged Last Month

The Census Bureau reported this morning that Retail Sales in February fell 3% versus an estimate of a 0.5% dip. January’s growth of 5.3% was revised to 7.6%. Without Autos, February sales fell 2.7% against an expectation of a 0.1% gain. January’s 5.9% boost in this measure was revised to

View

A Morsel of Good News to Start the Week

The New York Fed announced this morning that its Empire Manufacturing Index rose more-than-expected this month to 17.4 from 12.1 versus estimates of 15. Treasury prices are little changed in early trading with the Ten-Year around 1.62% and the Long Bond at 2.38%. The Two-Year is also pretty steady at

View

Overnight Selling Raises Treasury Yields

An unexpected wave of overnight selling has pushed the yield on the Thirty-Year Treasury bond to 2.35% and it hasn’t been that high since January of 2020. The Ten-Year briefly touched the 1.61% level achieved last week but has since settled down a bit while the Two-Year is little changed

View

Slight Dip in Jobless Claims

Earlier today, the Bureau of Labor Statistics announced that for the week ending March 6th, 712k Initial Jobless Claims were filed. Analysts were expecting 725k and the prior week’s 745k was revised to 754k. Continuing Claims for the week ending February 27th fell to 4.14m from 4.34M; an upward revision

View

Consumer Inflation Offers No Surprises

This morning’s closely watched report from the Bureau of Labor Statistics on February’s Consumer Price Index came in about as expected. Headline CPI rose by the estimated 0.4% last month with most of the rise coming from energy prices. Year-over-year, CPI rose to 1.7% from 1.4% and that was what

View

Bonds Stage a Comeback

Treasury bond prices are rallying today as the sell-off in Treasuries, overdone in the minds of many, seeks to claw back some lost ground. This morning’s only data-point was a report from the National Federation of Independent Businesses telling us that its Small Business Optimism Index failed to reach its

View

Treasuries Look For Direction

Markets seem little affected by Sunday’s missile attack on a Saudi Arabian petroleum facility as prices bounce around for both stocks and bonds in early trading. The Treasury’s Ten-Year yield is loitering around 1.60% as the Long Bond hovers near 2.30%. The short end is anchored by the Two-Year at

View