Weekly Macro Minute

Sarah E. Cox authored this issue’s devotional. She served the Lord alongside her husband, Alan, for 26 years.

One morning, while reading my devotional, I came across Psalm 23. The Lord showed me that he not only leads us and takes care of us, but that through everything, he promises to always be with us. All the places he led us to, he stayed with us through them all. He showed me all the experiences in my life; he was right there with me.

How many times have I prayed for my needs, wants and concerns?

How many times have I needed to know someone cared or was even listening to me?

How many times have I needed direction and restoration?

How many times have my enemies turned on me and my world turned dark?

How many times have I rejoiced when he spared me from disaster, answered my prayers, dried my tears and restored my peace, joy and happiness?

Through it all, that still small voice kept whispering:

“I will never leave you nor forsake you.” Hebrews 13:5b (NKJV). See also Deuteronomy 31:6b (NKJV).

The Lord is always faithful to his promises. Psalm 23 describes our daily walk in life today. Goodness and mercy truly follow us throughout our lives.

In a world filled with uncertainty, what a comfort to know that the Lord is our shepherd —leading us, providing for us and staying with us every step of the way.

So, when you’re walking your own Psalm 23 moments, remember what God said:

“I will never leave you nor forsake you.”

Hallelujah!

Where in your life can you look back and clearly see the Lord’s presence and faithfulness?

Want more devotionals? Our 40-day devotional book written by our Mission:Dignity recipients is available to order here.

Equities extend losses amid geopolitical and inflation pressures

• U.S. stocks finished a volatile week lower, extending declines to a fourth consecutive week.
• The S&P 500^® fell 1.9%, leaving the index 6.8% below its late January peak.
• Technology‑oriented stocks underperformed broadly, while risk sentiment remained fragile.

Energy leads as conflict escalates

• Markets were pressured by an escalation of the war with Iran, including attacks on key Middle East energy infrastructure.
• Elevated energy prices increased inflation concerns and weighed on broader equities.
• Energy was the best‑performing sector within the S&P 500^® as crude prices surged on supply risks.

Treasury yields continue to rise

• Treasury yields rose for a third consecutive week as inflation expectations increased.
• The 10‑year yield climbed 11 basis points to 4.39%, while the 2‑year rose 17 basis points to 3.90%.
• Markets are now pricing in zero Fed rate cuts for 2026.

Oil remains volatile

• Oil prices fluctuated sharply as markets assessed the duration and severity of supply disruptions tied to the Iran conflict.
• WTI crude ended the week near $96 per barrel, down 2.3% but still up 68% year‑to‑date.

Global central banks remain cautious

• Major central banks held policy rates steady, citing uncertainty around the economic impact of higher energy prices.
• Policymakers warned that prolonged supply disruptions could weigh on both growth and inflation.

European equities retreat

• European stocks declined as energy price risks tied to the Middle East conflict pressured growth expectations.

Japanese stocks pull back

• Japanese equities moved lower during the holiday‑shortened week as higher energy costs and global risk aversion weighed on sentiment.

Chinese equities decline

• Chinese stocks fell as geopolitical uncertainty compounded concerns about weak domestic demand and limited policy support.

Producer inflation accelerates

• February wholesale inflation exceeded expectations as PPI rose 0.7% month‑over‑month.
• Services costs drove much of the increase.
• Headline PPI climbed to 3.4% year over year, while core PPI (ex. food and energy) rose to 3.9%, both the highest levels since early 2025.

Federal Reserve holds rates steady amid rising risks

• The Fed left rates unchanged at 3.50%–3.75% for a second straight meeting.
• Officials acknowledged rising inflation uncertainty tied to energy prices while noting emerging labor‑market risks.
• The decision included one dissent in favor of an immediate cut.

Economic projections edge higher

• The Fed now expects inflation to end the year at 2.7%, still above target.
• GDP growth was revised slightly higher to 2.4%, while unemployment is projected to remain at 4.4%.

Labor market remains restrained

• Initial jobless claims fell to 205,000, the lowest level since January.
• Continuing claims edged higher, signaling slower re‑employment despite limited layoffs.