Baked In The Cake

The phrase, "baked in the cake" is used to indicate that something (merger/acquisition, new product line, CEO change, something) is already in the arena of public knowledge, and therefore factored into the current stock or bond price. It's another version of "priced in."

To add more food-related advice, take the baked in the cake news with a grain of salt. Talking heads that say the info is baked in the cake often seem to be too sure of themselves. If they were right as often as they think, they wouldn't need to be working any longer.