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.

Jobs Report Highlights

The Bureau of Labor Statistics just released its February Jobs Report and Non-farm payrolls enjoyed a higher-than-expected gain of 379k. Analysts were only looking for 200k while January’s disappointing gain of 49k was revised to 166k. The Unemployment Rate dipped one-tenth to 6.2% while the Labor Force Participation Rate held

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Mild Comeback For Treasuries Amid Claims Data

Treasury prices were already slightly higher in overnight trading before the BLS released its Jobless Claims data, and haven’t changed much since. For the week ending February 27th, the BLS reported that 745k new applicants filed Initial Claims. That was slightly higher than the prior week’s slightly revised 736k, but

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Early Jobs Report Misses the Mark

Just a little while ago, ADP released its private Employment Change Report for February. Analysts expecting 205k new jobs were disappointed in the actual results of just 117k. January’s 174k was revised to 195k. Earlier, the Mortgage Bankers Association reported that for the week ending February 26th, Mortgage Applications rose

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Long-End Sell-Off Continues

Treasury prices continue to slip in this morning’s early trading. The Thirty-Year Bond is off about 3/4 point resulting in a yield of around 2.33%. The Ten-Year is off about a quarter-point for a yield of 1.44% while the Two-Year is unchanged at 13 basis points. Crude oil is up

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Treasury Swoon Resumes

After staging a bit of a comeback on Friday, the Treasury market is greeting the new week with lower prices and higher yields. In early trading, the Long Bond has lost about 1 1/2 points pushing its yield up to around 2.22% while the Ten-Year’s smaller slide has moved its

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Treasuries Rebounding

Even before this morning’s spate of economic data was released, Treasury prices were staging a comeback after yesterday’s rout and today’s numbers haven’t changed that. The Ten-Year is up about a half-point in price for a yield of 1.46% while the Long Bond’s comeback of about 1 5/8 points results

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Treasury Sell-Off Continues

Lots of numbers this morning beginning with Jobless Claims. For the week ending February 20th, the BLS reported that Initial Claims amounted to 730k and that was less than the 825k that was expected and also less than the prior week’s downwardly revised 841k. Continuing Claims for the week ending

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Treasury Sell-Off Further Steepens Yield Curve

Treasury prices were already falling before the Mortgage Bankers Association reported this morning that Mortgage Applications fell 11.4% for the week ending February 19th. It was pretty cold last week. Applications for New Purchase loans fell 11.6% to a nine-month low while Refis were down 11.3%. A little later, the

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Yields Up Slightly as Equities Slump

Efforts to get the administration’s $1.9T covid-relief package to the finish line will be front and center this week. In early trading, Treasury prices are coming off their overnight lows but yields have still moved up slightly. The Ten-Year is yielding around 1.36% with the Long Bond around 2.14%. The

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Treasury Prices Drifting Lower

It’s pretty quiet so far this morning with no data releases scheduled until a little later when Markit U.S. is expected to report that its PMIs for both Manufacturing and Services might have slipped a bit last month from their lofty levels. We’ll also be hearing from the National Association

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This Morning’s News is Mixed

Lots of numbers this morning starting with the unpleasant news that Initial Jobless Claims for the week ending February 13th totaled 861k while analysts expected only 773k. The prior week’s 793k was revised to 848k and that wasn’t very good news either. Continuing Claims for the week ending February 6th

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Retail Sales Surged With Inflation Last Month

In a report this morning, the Census Bureau reported that Retail Sales grew 5.3% last month as December’s drop of 0.7% was revised to a drop of 1%. Surveys suggested that January’s growth rate would be 1.1%. Without autos, Sales grew by 5.9% while December’s dip of 1.4% was revised

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Treasury Yields Rise

Well before the New York Fed announced this morning that its Empire Manufacturing Index unexpectedly vaulted to 12.1 this month from January’s level of 3.5, Treasury prices were already falling. This morning’s report was a big miss for analysts expecting a much milder improvement to 6. Thirty-Year Bonds broke above

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Friday Gets Off to a Quiet Start

Investors appear to be starting off the long weekend on a quiet note. Today’s only data release will come a little later this morning when the University of Michigan issues its preliminary February report on Consumer Sentiment. That Index is expected to show improvement to a value of 80.9 from

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Jobless Claims Rose Last Week

The Bureau of Labor Statistics reported this morning that Initial Jobless Claims for the week ending February 6th came in at 793k and that was more than the 760k that analysts expected. The prior week’s count of 779k was revised to 812k. Continuing Claims for the week ending January 30th

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