Inflation Report Brings Few Surprises

The Baker Group's Market Moment Cover

The Bureau of Economic Analysis released its April report for its Personal Consumption Expenditures Index this morning and the results were pretty close to expectations. For the month of April, headline PCE rose 0.6% as expected with the year-over-year pace rising to 3.6% from 2.4% and that slightly missed estimates of 3.5%. Without food and […]

More Hits Than Misses in Early Data

The Baker Group's Market Moment Cover

A rash of data has greeted a Treasury market that was already experiencing an early morning sell-off. The second estimate of Q1 GDP from the Bureau of Economic Analysis was the day’s most eagerly awaited news and it came in at an unchanged 6.4%. Also in the report, we learned that Q1 Personal Consumption rose […]

Bonds Drifting on Light Data Day

The Baker Group's Market Moment Cover

Treasury bond prices are little changed in early morning with some longer-dated issues slipping very slightly. Today’s only data-point was released earlier by the Mortgage Bankers Association when it announced that new Mortgage Applications fell 4.2% last week after managing a 1.2% increase the week before. Applications for purchases were up 1.7% after being down […]

Bonds Gaining Ground in Early Trading

The Baker Group's Market Moment Cover

As investors await a flurry of housing numbers this morning, Treasury prices continue to edge higher. Comments from Fed officials aimed at calming inflation jitters appear to be having the desired effect. The Long Bond has rallied to around 2.29% while the Ten-Year’s yield has slipped to 1.59%. The Two-Year is little changed at 15 […]

Bonds Getting Off to a Good Start

The Baker Group's Market Moment Cover

Prices for Treasury bonds are moving up slightly in this morning’s early trading. Today’s only data-point has already been announced by the Chicago Fed with a report on its National Activity Index for April and the news was not encouraging. The Bank’s broad measure of economic activity was already expected to slip a little bit […]

Treasury Prices Edging Up

The Baker Group's Market Moment Cover

The day is beginning on a quiet note as Treasury prices quietly move higher along with equity futures. Yields have dipped modestly with the Long Bond trading around 2.32% and the Ten-Year bringing 1.62%. The Two-Year is unchanged at 15 basis points while the rest of the yield curve is seeing its lowest yields of […]

Initial Jobless Claims Fall to New Pandemic Low

The Baker Group's Market Moment Cover

The Bureau of Labor Statistics just reported that Initial Jobless Claims for the week ending May 15th totaled 444k and that was less than the 450k that was estimated and also less than the prior week’s slightly revised 478k. While this may be a new low for the pandemic era, Claims are still significantly higher […]

Treasuries and Equities Drift Lower

The Baker Group's Market Moment Cover

Renewed inflation fears are being blamed for this morning’s weakness in both credit and equity markets. Today’s only data point has already been released by the Mortgage Bankers Association in its weekly report for new Mortgage Applications. For the week ending May 14th, those Applications rose another 1.2% after rising 2.1% the week before. This […]

Housing Starts Plunged in April

The Baker Group's Market Moment Cover

This morning’s report from the Census Bureau revealed that Housing Starts fell 9.5% in April while March’s 19.4% spike was revised to a 19.8% spike. Analysts were only expecting a 2% decline for last month. Building Permits also missed estimates with a rise of 0.3% that was only half of the expected growth. March’s 2.7% […]

Markets Leaking Oil to Start the Week

The Baker Group's Market Moment Cover

Treasuries and equities are both starting the week weakly as market prices slip in early trading. This morning’s only data point so far was the announcement by the New York Fed that its Empire Manufacturing Index fell to 24.3 this month from 26.3. A greater slip to 23.9 was expected by analysts. A little later, […]