Weekly Macro Minute

Dulce Morillo authored this issue’s devotional. Dulce served the Lord in ministry for 12 years.

In chapter five of his Gospel, Mark recounts two miracles: the daughter of Jairus and the woman who touched Jesus’ clothes. Jairus, like the sick woman, had a need; he was desperate. But in this devotional, we will see that in Christ Jesus, there is hope for the desperate, troubled and afflicted. Jesus has divine power; nothing is impossible for him!

What caught your attention when you read this passage? What does it teach us about Jairus? Of the sick woman? Or the people in Jairus’ house?

When Jairus, one of the rulers of the synagogue, saw Jesus, he fell at his feet and begged him, saying: “My little daughter is dying. Come and lay your hands on her so that she can get well and live” Mark 5:23 (CSB). But people came from Jairus’ house, saying, “Your daughter is dead. Why bother the teacher anymore?” Mark 5:35 (CSB). Jesus, after hearing what was said, said to Jairus: “Don’t be afraid. Only believe,” Mark 5:36 (CSB). So Jesus went with him to his house and gave life to his daughter. Alleluia!

Likewise, the woman with the issue of blood was very desperate. When she heard about Jesus, she thought this was her chance: “For she said, ‘If I just touch his clothes, I’ll be made well’” Mark 5:28 (CSB). She believed in the power of God. She was immediately healed when she came from behind and touched Jesus’ clothes. “’Daughter,’ he said to her, ‘your faith has saved you. Go in peace and be healed from your affliction.’” Mark 5:34 (CSB)

In these stories, the importance of faith is highlighted amid any crisis caused by human ailments or even death.

These two miracles demonstrate Jesus’ authority and his response to the simple faith of those who trust God’s divine power. This power is present and active in Jesus for those who believe everything is possible!

How can you believe in him for the impossible today?

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 ended the week slightly lower, with markets showing a muted response to the latest tariff developments. The S&P 500^® Index posted a modest decline of 0.3% after reaching record highs the previous week. Notably, Nvidia^® reached a historic milestone, becoming the first company to surpass a $4 trillion market capitalization. Small-cap stocks underperformed, with the Russell 2000^® Index falling 0.6%, reversing some of the prior week’s outperformance.

U.S. Treasury yields rose over the week, accompanied by a steepening of the yield curve. Yields briefly dipped midweek following the release of the Federal Reserve’s June meeting minutes, reinforcing market expectations for rate cuts later this year. However, yields rebounded on Friday amid renewed tariff-related tensions. The 10-year U.S. Treasury yield ended the week at 4.42%, up seven basis points from the prior week.

U.S. copper futures contracts surged more than 8% on the week, briefly reaching a record high, following the Trump administration’s announcement of a 50% tariff on copper imports to the United States effective August 1.

The U.K. economy contracted for a second consecutive month, with seasonally adjusted GDP declining by 0.1% in May, following a 0.3% contraction in April. Despite these back-to-back monthly declines, GDP expanded by 0.5% over the three months to May. However, this represents a deceleration from the 0.7% growth recorded in the preceding three-month period ending in April.

Japanese equity markets declined over the week. Escalating trade tensions with the United States and a series of mixed domestic economic data releases weighed on investor sentiment, contributing to a more cautious market outlook.

Chinese equity markets advanced as persistent deflationary data reinforced expectations for additional policy support.

In the Economy

The Trump administration announced several notable trade actions during the week. Most significantly, the July 9 deadline for reciprocal tariff hikes on 57 countries was extended to August 1, with revised rates — some higher, some lower — for a majority of the countries. Notably, Brazil and non-USMCA Canadian goods (excluding energy) will face steep 50% and 35% tariffs, respectively, reflecting the administration’s growing frustration with trade deal negotiations with both countries. Additionally, it was announced on Saturday that a 30% tariff on imports from Mexico and the European Union will take effect on August 1 if trade agreements are not reached.

Initial jobless claims in the United States declined by 5,000 to 227,000 for the week ending July 5, defying consensus expectations for an increase. The U.S. Department of Labor also reported that the four-week moving average (which smooths out weekly volatility) fell by 5,750 to 235,500. However, continuing jobless claims rose to 1.97 million, the highest level since November 2021, suggesting that while layoffs remain low, it is becoming more challenging for unemployed individuals to secure new positions.

Minutes from the June 17–18 FOMC meeting revealed a growing divergence among policymakers regarding the future path of interest rates. However, all members unanimously voted to maintain the federal funds rate at 4.25%–4.5%. While the majority signaled that one or two rate cuts later this year could be appropriate, citing temporary inflationary effects from tariffs and emerging signs of economic softening, a significant minority expressed concern that inflation progress remains insufficient to warrant easing.