Weekly Macro Minute

Jeanetta Watson authored this issue’s devotional. She served the Lord alongside her late husband, Wendell, for 45 years.

Have you ever asked yourself, “What is my purpose?” I answer that question with the truth found in Scripture. I did not choose to be born, but God chose to create me in his own image for his purpose. Genesis 1:27 (CSB) says, “So God created man in his own image.” And he put us here to carry out a command in his name — to tell others about how he sent his only son to die for our salvation. Matthew 28:19-20 (CSB) says, “Go, therefore, and make disciples of all nations, baptizing them in the name of the Father and of the Son and of the Holy Spirit, teaching them to observe everything I have commanded you.”

I know that God’s purpose for me was to be a pastor’s wife for 45 years and a mother, grandmother and great-grandmother. But after 89 years on this earth, I sometimes don’t see my usefulness anymore. Whenever I feel that way, I head straight to Psalm 139:16b (CSB), which says, “All my days were written in your book and planned before a single one of them began.” This verse assures me that God will lead me until my purpose here on earth is done. Only then will he call me home.

So be assured that the same is true for you! God has a purpose for your life, every day of it.

Seek him in prayer today to discern that purpose and obey his leading.

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

Across the Markets

U.S. equities were mixed on the week, with the S&P 500^® Index snapping its nine-day winning streak last Monday and ultimately ending the week slightly lower, down 0.5%. Sector performance was mixed, with industrials and consumer discretionary the best performers and health care and communication services the worst. The health care sector, down 4.3%, lagged as the Trump administration advocated for most-favored-nation drug prices. Small-cap stocks were up for the fifth consecutive week, with the Russell 2000^® Index posting a 0.1% gain.

It was another big week for first-quarter 2025 earnings, with 78% of companies beating EPS estimates, above the 10-year average. Revenue growth is 4.8%, with ten sectors showing year-over-year increases.

Treasuries showed mixed results, with the yield curve flattening and the 10-year benchmark yield ending at 4.38%. The dollar strengthened against most major currencies, gold rose 3.1% after two weekly declines, and oil was up 4.7% despite OPEC+ announcing higher output.

The U.S. and U.K. outlined a trade agreement, likely the first of several and the first since the Trump administration imposed global tariffs. Light on specifics, it maintains relatively high U.S. tariffs on U.K. exports, signaling tougher negotiations for less allied nations. Trade deals may remain conceptual, as detailed agreements typically take years.

There were limited signs of progress in the ongoing bilateral trade negotiations between the U.S. and Japan. The U.S. warned that a trade deal with Japan could take significantly more time to complete than the framework agreement with the U.K. that was announced during the week.

Chinese stocks rallied early in the week on news that U.S. and Chinese officials would travel to Switzerland for trade talks over the weekend. The central bank’s unexpected policy boost also added to positive sentiment.

In the Economy

The Federal Open Market Committee maintained the federal funds rate at 4.25%–4.50%, citing solid economic growth, low unemployment, and slightly elevated inflation. The Federal Reserve noted increased risks of higher inflation and unemployment due to uncertainties from the Trump administration’s tariff policies. Markets expect no rate cuts until July, with a 51% probability of a reduction, as the Fed adopts a cautious, data-dependent approach.

Fed Chair Jerome Powell noted in the post-meeting press conference that the Fed is in a “wait and see” mode, assessing the economic impacts of Trump’s tariffs, which may increase inflation, slow growth and raise unemployment. Powell noted potential challenges in balancing employment and price stability.

The ISM Services PMI for April increased to 51.6% from 50.8%, marking ten months of expansion. Three subindexes, new orders, employment, and supplier deliveries, improved, while business activity stayed expansive at 53.7%. However, the prices index surged to 65.1%, a two-year high, driven by tariff impacts, signaling rising cost pressures in the services sector.