From the House Postil sermon on the same by Luther:
For we see how God in heaven pours out his grace through his Son’s baptism. Heaven which before was closed, is opened by Christ’s Baptism and a window and door now stand open for us to see through. No longer is there a barrier between God and us, since God himself descends at the Jordan. The Father lets his voice be heard, the Son sanctifies baptism with his body, and the Holy Spirit descends in the form of a dove. Is this not a great manifestation, a truly great sign of how very precious baptism is to God, that he does not abstain from it. ...
Thus the Godhead in all its fullness, Father, Son, and Holy Spirit, was manifested this day in profoundest graciousness and friendliness, each person of the Trinity clearly distinguished, so that everyone might know what and how to believe concerning God, especially what his stance toward Christ should be. ...
Who would not execrate an unthankful and joyless person who is unwilling to take to his heart the Son who here stands at the Jordan and let himself be baptized as a sinner? The one upon whom the Spirit lights in the form of a dove? And the Father’s voice in closest proximity? No doubt, there were also countless holy angels present. For where the Father, Son, and Holy Spirit reveal themselves, all the heavenly host must be present. This is the ultimate manifestation. ...
Therefore, learn to esteem this festival highly. The star given to the wisemen was a manifestation, too, but this is much more wonderful. For here the three preeminent Kings—God the Father, God the Son, God the Holy Spirit—are all present as Christ is baptized. And how wondrous that this glorious manifestation occurred at Christ’s baptism in the Jordan! ...
One cannot therefore say that it is powerless water in view of the fact that the entire Godhead is present. ...
Not so, for God the Father, Son, and holy Spirit are in and with that water, as at the Jordan where Christ stood in the water and the Holy Spirit hovered overhead, while God the Father preached withal. ...
Each and every sinner needs baptism, so that his sin might be washed away; whoever is in death needs baptism so that his death might be swallowed up, for baptism has God-given power to cleanse from sin and to bury death. ...
How indeed could God reveal himself more wondrously! ...
And from his great Baptismal hymn:
These truths on Jordan’s banks were shown
By mighty word and wonder.
The Father’s voice from heav’n came down
Which we do well to ponder:
This man is My beloved Son,
In whom My heart has pleasure.
Him you must hear and Him alone
And trust in fullest measure,
The Word that He has spoken.*
There stood the Son of God in love
To us His grace extending;
The Holy Spirit like a dove
Upon the scene descending,
The Triune God assuring us
With promises compelling
That in our Baptism He will thus
Among us find a dwelling
To comfort and sustain us.
Blessed and joyous celebration, people loved by God! Christ indeed carries the world up from the Jordan!!!
*Note Luther conflates Baptism and Transfiguration in this stanza.