Weekly Macro Minute

Samuel Parsons authored this issue’s devotional. He served the Lord for 48 years.

I love the song, “Give Thanks With a Grateful Heart.” Throughout the Bible, we are taught and given the example of so many writers to give God thanks and praise! Psalms in the Old Testament records the psalm of Asaph: “We give thanks to you, O God, we give thanks, for your wondrous works declare that Your name is near.” Psalm 75:1 (NKJV)

The New Testament writers also exhort us to give thanks. Paul, the apostle to the Jews and the Gentile church, wrote:

“We give thanks to God always for you all, making mention of you in our prayers… we also thank God without ceasing …when you received the Word of God… In everything give thanks; for this is the will of God in Christ Jesus for you.” 1 Thessalonians 1:2; 2:13; 5:18 (NKJV)

I am not sure about you, but giving thanks is not always easy living on this earth, especially with people. People who are made in the image of God and individually designed by his omnipotent hand, some are easy to live with and are an encouragement, but others seem to try our patience.

I remember growing up in our rural community, where everybody knew each other and almost everything that was going on in each other’s houses. My father had just gotten a new phone line for our family to use, a party line, of course! As a 12‑year‑old boy, I was so excited to call my friends who had a phone.

But when I picked up the receiver and started to dial my friend’s number, I heard a voice, actually two voices, on the other end saying, “Who is that trying to pry into our conversation!” I excused myself to the ladies on the line and decided to call back later.

So, I waited five or ten minutes. When I picked up the phone a second time, I still heard those ladies’ voices. They were planning their dinner meal for their husbands who were out in the field working on crops or tending livestock. They were discussing everything in the community, including the upcoming dinner.

It made me mad that they had been on the line at least 30 minutes! And I was upset because this is what these ladies did every morning of the week for an extended time. Hard to live with, yes. A young boy couldn’t talk with his friend about riding bicycles later that day. In my mind at that age, these ladies were selfish and intrusive. I, a 12-year-old boy who needed to contact his friend, was interfered with.

Oh, I wish life were that easy again, to yield to ladies who were helping each other plan meals for their husbands, working hard in the field of crops. I am thankful for those precious people who set an example of faith in God and a ruggedness to survive the elements of this world’s situations. Yet God was teaching me patience, to wait and to serve others when the need was evident, and to give him thanks for everything! Little things and big things. Easy things and hard things. The good and the bad.

Take some time today to thank God for the good times and the bad times in your life.

Equities rally as geopolitical risks ease

• Equity market sentiment improved sharply as easing Middle East tensions and falling oil prices reversed earlier stagflation concerns.
• U.S. equities rallied strongly, pushing major indexes to record highs.
• The S&P 500^® rose 4.5% for the week, while the Russell 2000^® gained 5.6% after entering correction territory just four weeks earlier.

Earnings support renewed confidence

• Early first‑quarter earnings from major U.S. banks exceeded expectations, reflecting strong trading activity and generally healthy financial conditions.
• Growth stocks outperformed value for a third straight week amid continued enthusiasm around technology and AI‑related themes.

Yields decline as inflation fears subside

• Treasury prices rose for a fourth consecutive week as easing inflation concerns supported expectations that the Federal Reserve can remain on hold.
• The 10‑year Treasury yield ended the week at 4.24%, down from a recent peak of 4.44%.

Oil prices pull back from peaks

• Oil prices declined as prospects improved for shipping through the Strait of Hormuz.
• WTI crude ended the week just under $95 per barrel, down from roughly $98 a week earlier and well below its recent peak near $115.
• Despite the pullback, oil remains sharply higher year to date, up roughly 65%.

Geopolitical tensions fluctuate

• Middle East tensions resurfaced after U.S.–Iran talks collapsed, prompting a U.S. naval blockade of Iranian ports and briefly pushing oil prices above $100 per barrel.
• Later reports pointing to renewed negotiations and possible extensions of cease‑fire arrangements helped ease oil prices and stabilize market sentiment.

European equities advance

• European stocks rose as easing energy prices and central‑bank signals reduced near‑term policy uncertainty.

Japanese equities post modest gains

• Japanese stocks ended the week slightly higher as improving global sentiment and continued optimism around technology, earnings and corporate reforms supported markets.

Chinese equities strengthen

• Chinese equities rose as first‑quarter GDP growth exceeded expectations, supported by solid industrial production.

Producer inflation contained despite energy surge

• Wholesale inflation rose less than expected in March, with headline PPI up 0.5% and core PPI (ex. food and energy) up just 0.1%.
• Gasoline prices surged nearly 16%, pushing year‑over‑year PPI to 4.0%, though the report fell short of forecasts for a larger war‑driven inflation shock.
• Economists expect upstream cost pressures, particularly from energy, to intensify in coming months.

Labor market remains resilient

• Initial jobless claims fell to 207,000, indicating layoffs remain contained.
• Continuing claims rose modestly to 1.8 million, suggesting slightly slower re‑employment.