In case anyone else is curious, since this is something I was always confused about until I looked it up just now:

"Baud rate" refers to the symbol rate, that is the number of pulses of the analog signal per second. A signal that has two voltage states can convey two bits of information per symbol.

"Bit rate" refers to the amount of digital data conveyed. If there are two states per symbol, then the baud rate and bit rate are equivalent. 56K modems used 7 bits per symbol, so the bit rate was 7x the baud rate.