Weekly Macro Minute

Dale Johnson authored this issue’s devotional. He served the Lord alongside his wife, Janelle, for more than 15 years.

Be strong and take heart, all you who hope in the Lord. Psalm 31:24 (NIV)

“Hope” is a powerful word! But have you looked at the dictionary definition lately? It says:

“To wish for an event that one considers possible.”

That’s not biblical hope. Biblical hope is certain and indisputable — not to be doubted and inevitable.

Hymn writers wrote about this kind of hope: “Our hope is built on nothing less than Jesus’ blood and righteousness.”

We are certain of Jesus’ life, death and resurrection. We are certain of our salvation when we trust Jesus as our Savior.

As Christians, we have a hope that is certain, not merely a wish. We have a hope that is guaranteed, not just possible.

Isn’t God good to give us this perfect, certain hope? Indeed! We are blessed!

Praise be to the God and Father of our Lord Jesus Christ! In his great mercy he has given us new birth into a living hope through the resurrection of Jesus Christ from the dead. 1 Peter 1:3 (NIV)

How can you share this hope with someone who feels uncertain or discouraged?

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

Equities decline for a fifth straight week

• Major U.S. equity indexes were mostly lower amid ongoing geopolitical tensions and rising bond yields.
• The S&P 500^® fell 2.1%, while small-cap stocks showed relative resilience, with the Russell 2000^® edging up 0.5%.
• The S&P 500^® closed at its lowest level since September 2025.

Leadership remains narrow

• Energy stocks surged more than 6% as oil prices climbed again.
• Defensive sectors such as Utilities posted modest gains.
• Growth‑oriented and economically sensitive areas lagged as investors rotated away from higher‑risk assets, particularly across large technology‑focused companies.

Yield pressure intensifies

• Treasury yields climbed further as inflation fears persisted.
• Short‑ and long‑term yields reached multi‑month highs before easing later in the week.
• Futures markets now reflect little to no expectation of Federal Reserve rate cuts in 2026, with some pricing briefly shifting toward a more hawkish outlook.

Commodities diverge

• Oil prices rose again amid Middle East supply risks, with crude trading near $100 per barrel and extending gains to roughly 50% above pre‑war levels.
• The U.S. dollar strengthened further on safe‑haven demand.

Geopolitical uncertainty dominates markets

• Developments in the Middle East continued to drive global risk sentiment as the conflict with Iran showed few signs of resolution.
• Energy markets remained volatile as the timing of any normalization in regional supply conditions appears uncertain.

European equities cautious

• European stocks were little changed overall as rising energy costs and geopolitical risks weighed on outlooks.
• Policymakers reiterated readiness to act if inflation pressures from oil prices persist.

Japanese markets mixed

• Japanese equities posted mixed results as higher energy costs raised concerns for the energy‑import‑dependent economy.

Chinese markets decline

• Chinese equities moved lower for the week as global risk aversion overshadowed otherwise solid domestic economic data.

Business activity growth moderates

• Survey data showed U.S. business activity continued to expand in March but at a slower pace.
• Softer services activity offset a modest improvement in manufacturing output.

Consumer sentiment deteriorates

• Consumer confidence fell in March as short‑term economic outlooks weakened sharply.
• One‑year inflation expectations jumped to 3.8%, the largest monthly increase since April 2025.

Labor market remains firm

• Initial jobless claims rose slightly to 210,000.
• Continuing claims fell to their lowest level since May 2024, signaling limited layoffs and ongoing labor demand.