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.

Treasury Prices Slip Ahead of Yellen Hearing

It’s a light news day, but Treasury prices are slightly lower in early trading as investors await to hear what Janet Yellen will tell the Senate Finance Committee when her confirmation hearing for Treasury Secretary begins today. She’s expected to indicate a willingness to increase Federal borrowing and spending as

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Retail Sales Fall Hard, Again

A report this morning from the Census Bureau showed that Retail Sales fell 0.7% in December against an expectation of no change. November’s plunge of 1.1% was revised to a plunge of 1.4%. Without Autos, December’s fall was 1.4% against an expected drop of just 0.2%. November’s fall of 0.9%

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Jobless Claims Up Big!

The Bureau of Labor Statistics reported this morning that for the week ending January 9th, there were 965k Initial Jobless Claims. The week prior was revised slightly to 784k. Analysts were only expecting 789k for the current reporting week. Continuing Claims for the week ending January 2nd rose to 5.27M,

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Consumer Inflation Comes in as Expected

The Bureau of Labor Statistics announced this morning that its Consumer Price Index rose by 0.4% in December as analysts expected. Year-over-year, headline CPI grew 1.4% and that was slightly higher than the 1.3% that was forecast. November’s twelve-month rate was 1.2%. Without food and energy, core CPI rose 0.1%

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Business Optimism Plummets

The National Federation of Independent Businesses announced this morning that, in December, its Small Business Optimism Index plunged to 95.9 from 101.4. Pre-release estimates were expecting a much smaller decline to 100.2. After falling to a lockdown-low of 90.9 in April, this metric reached a lockdown-high of 104 last September.

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No News is Good News?

Not sure about that one, but with no significant economic pronouncements scheduled for today, about the only thing going on are the Treasury’s bill auctions and the sale of $58B Three-Year notes. Treasury prices are bouncing around between slightly up to slightly down as investors perhaps weigh variables other than

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Non-Farm Payrolls Contracted in December

The year’s first Jobs Report from the Bureau of Labor Statistics was just released and it’s a weak one. Non-Farm Payrolls fell by 140k last month while November’s gain of 245k was revised to 336k. Pre-release estimates pointed to a gain of 50k. December’s payroll decline was the first since

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Jobless Claims and Job Cuts

The Bureau of Labor Statistics announced this morning that Initial Jobless Claims for the week ending January 2nd totaled 787k as the prior week was upwardly revised by 3k to 790k. Forecasters were expecting 800k. Continuing Claims for the week ending December 26th fell to 5.07M from a slightly revised

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Private Payrolls Plunged in December

ADP published its Employment Change report for December this morning and its result show a decline of 123k in private payrolls. Analysts were expecting a gain of 75k after November’s rise of 304k. Earlier this morning, the Mortgage Bankers Association reported that new Mortgage Applications rose 1.7% for the week

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Jittery Markets Await Georgia Outcome

Investors are on edge at the day’s outset while voters in Georgia go to the polls to determine control of the U.S. Senate. Yesterday’s unexpected equity sell-off is continuing in a milder form as futures point to a weak market opening. The Treasury market has not benefitted from the political

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Quiet Start to the New Year

Treasury prices are little changed so far in the first trading day of the New Year. Some positive manufacturing data out of the European Union has provided a boost to global equity markets and domestic markets should open in the green. The Ten-Year’s yield hovers near 93 basis points with

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Better News on Jobless Claims

Just in from the Bureau of Labor Statistics, Initial Jobless Claims for the week ending December 26th came in at 787k and that was less than the 835k that analysts were expecting and also less than the prior week’s slightly revised 806k. Continuing Claims for the week ending December 19th

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Markets Treading Water

The Treasury market is little changed in early trading as efforts to increase covid-related relief payments appear to have little chance of success. The Census Bureau reported this morning that the nation’s Trade Balance became more negative in November with a move to minus $84.8B from minus $80.3B. Analysts were

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Stimulus Momentum Continues and Home Prices Rise

Investor optimism over the recently signed covid relief bill continues to drive equity indices to record highs. Bond prices have slipped slightly in early trading with the Ten-Year’s yield hovering around 94 basis points as the Long Bond rests at 1.68%. The passage of supplemental legislation that would raise the

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Relief, Spending Bill Gets Presidential Signature

On Sunday, President Trump signed the $2.3T spending and covid-relief bill into law. Equity markets are buoyed by the news and domestic markets are poised to open will into the green. Treasury prices are slightly lower on the news with the Ten-Year’s yield moving up to 96 basis points while

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