Weekly Macro Minute

Johnny Mansell authored this issue’s devotional. He served the Lord alongside his wife, Kathie, for 38 years.

The BBC (British Broadcasting Corporation) is a public service broadcaster headquartered in London, England. It is a leading global news agency, informing the public of important news events.

On April 18, 1930, to the surprise of much of the world, the BBC declared that there was no news to report. At the beginning of its regular evening news broadcast, the BBC simply announced, “Good evening. Today is Good Friday. There is no news.” This announcement was followed by fifteen minutes of piano music before the station returned to its broadcast of Wagner’s opera, “Parsifal.”

One would tend to think that there surely would have been some story that would interest the hearers, especially since the day was Good Friday. However, on this day, there were no breaking news stories, no headlines, no crises to report — only silence followed by a little music.

There are times in our spiritual journeys when we feel that nothing is happening. Oh, we read our Bibles, pray and go to church. But we do not feel the spiritual highs that come when we hear God speaking. So we assume that because God is silent, he is not doing anything in our lives.

However, there is a truth we need to remember when it seems that God is silent — silence does not mean absence. The psalmist tells us in Psalm 46:10 that we need to “be still.”

Be still, and know that I am God. I will be exalted among the nations, I will be exalted in the earth! Psalm 46:10 (ESV)

These words do not mean that we are to sit passively, with the attitude found in the song, “Que Sera, Sera (Whatever Will Be Will Be).” To “be still,” according to the psalmist, means to trust God, even in those times that we do not hear Him speaking. He is still working on our behalf, even when it seems like there is “no news.” The Apostle Paul reminds us, “And we know that for those who love God all things work together for good, for those who are called according to his purpose.” Romans 8:28 (ESV)

For God alone, O my soul, wait in silence, for my hope is from him. Psalm 62:5 (ESV)

This week, what does it look like to trust that God is working, even in the silence?

U.S. equities extend gains as risk sentiment improves

• Major U.S. equity indexes advanced for a second straight week, with the S&P 500^® up about 3.6% and the Russell 2000^® rising 4.0%.
• The S&P 500^® finished roughly 2% below its late-January record high as easing geopolitical concerns and falling oil prices supported markets.

Growth-oriented sectors lead while energy declines

• Consumer Discretionary and Communication Services each rose roughly 5.8%, while Information Technology gained 4.8%, supported by optimism around artificial intelligence and long-term growth trends.
• Energy fell more than 4.1% amid a sharp drop in oil prices, making it the only S&P 500^® sector to finish the week lower.

Treasury yields remain elevated amid a cautious policy outlook

• The 2-year Treasury yield hovered near 3.8%, while the 30-year yield remained around 5.0%.
• Federal Reserve meeting minutes underscored ongoing inflation risks tied to energy prices, reinforcing expectations that policymakers remain cautious about rate cuts.

Commodities and currencies reflect reduced safe-haven demand

• U.S. WTI crude plunged 13.8%, marking its largest weekly decline since 2022 as supply concerns eased.
• The U.S. dollar fell 1.3%, while gold rose 1.8% for a second consecutive weekly gain.

Easing Middle East tensions support global market sentiment

• A two-week ceasefire agreement between the United States and Iran reduced concerns about a broader regional conflict.
• The development contributed to a broad global equity rally and a sharp decline in oil prices.

European markets rise despite ongoing economic uncertainty

• European equities gained for the week, supported by improving global risk appetite.
• Policymakers continued to warn that renewed conflict or energy disruptions could weigh on regional growth.

Japanese markets rebound as policy expectations shift

• Japanese equities rebounded as investors returned to export-oriented and technology stocks following the ceasefire.
• Rising energy costs pushed wholesale inflation higher, while government bond yields climbed as markets speculated on potential policy tightening.

Emerging markets benefit from improving global risk appetite

• Emerging market equities, currencies and bonds strengthened as capital flows returned amid a weaker U.S. dollar.

Headline inflation accelerates due to higher energy prices

• The CPI rose to 3.3% year-over-year in March from 2.4% in February, with energy prices accounting for most of the increase.
• Core CPI (ex. food and energy) edged up to 2.6% year-over-year.

Consumer confidence weakens amid rising price concerns

• The University of Michigan’s Consumer Sentiment Index fell sharply in early April, reaching record-low levels.
• One-year inflation expectations jumped to 4.8% as households expressed concern over higher costs.

Economic growth slows meaningfully at year-end

• Final estimates showed U.S. GDP grew at an annualized rate of 0.5% in Q4 2025, a sharp slowdown from the previous quarter.
• Weaker business investment and higher interest rates contributed to softer growth.

Service-sector growth continues despite rising input costs

• The ISM^® Services PMI^® registered 54.0 in March, indicating continued expansion.
• Higher oil and fuel prices pushed the prices-paid component to its highest level since late 2022.