Pundits who wouldn’t know baking soda from baking powder love to talk about what’s “baked into” the market. Is a Biden victory baked in? Is a second wave of Covid-19 cases baked in? In one recent week, Bloomberg News and Bloomberg Intelligence used “baked in” in stories about a Rhode Island construction company’s 401(k) plan, the Reserve Bank of India’s monetary policy, and the earnings forecasts of United Internet AG.
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