Weekly Macro Minute

Forrest Crister authored this issue’s devotional. He served the Lord alongside his wife, Pamela, for 51 years.

This passage has been a guide for my 40+ years of pastoral ministry.

For many years, my wife and I had the opportunity to help people in need, physically and spiritually, through the churches I have served. God has always given us the ability to respond in one way or another.

However, over the last three years, this passage that once drove me to serve has now allowed me to experience the joy of receiving. On September 28, 2022, Hurricane Ian blew through Fort Myers Beach and took our house and everything we had down to a rolling pin. We had nothing left to show for 57 years of marriage. Not only did it take our belongings, but also my son’s house, our church worship center, retreat center and food bank. We became in need in the blink of an eye.

For the first time in our lives, we were on the receiving end instead of the giving end. There were places we knew to apply for help, but that would take time we simply did not have. We felt like God was going to meet our needs, but we didn't know how.

In 2 Corinthians 8, Paul tells the churches in Corinth about the generosity of the Macedonians. They gave not only according to their means, but beyond, to raise the poorest out of poverty. They loved one another like Christ.

God’s people continue to be generous today in many ways. After the hurricane, we were given clothes, food and a place to stay. One day, a lady called me from Mission:Dignity. God sent a true angel through her. God’s people, through Mission:Dignity, helped us get stable before any government disaster assistance was available.

I now understand how a person feels when receiving help from others. We are so thankful for how God has taken care of us. I learned quickly that God is always there, in the good and bad times. When you live through something like this, you realize who is really in control and how he uses his church to meet the needs of the world.

In my ministry, I always enjoyed the blessing of seeing and meeting needs whenever I could. Now I see the joy of dependence on God by receiving what only he can provide through his people. I pray you experience the joy of giving as well as the joy of God-dependence and receiving in your greatest time of need.

When have you experienced the joy of receiving God’s provision through others, and how did it deepen your trust in him?

Equities fall as AI concerns resurface

• U.S. equities declined sharply as scrutiny around AI infrastructure spending and financing weighed on technology shares.
• The S&P 500^® fell 2.0%, while the Russell 2000^® declined 3.1%.
• Investors rotated toward value and defensive sectors as technology leadership weakened.

Treasury yields reverse lower

• Treasury yields initially surged following hotter-than-expected inflation data before reversing as the equity selloff drove safe-haven demand.
• The 10-year Treasury yield ended near 5.08%, down roughly 16 basis points for the week, while the 2-year declined to 4.72%.
• Markets continued to view a December rate hike by the Federal Reserve as the most likely outcome, with expectations for an October move remaining low.

Oil remains volatile amid supply concerns

• Oil prices surged midweek as escalating tensions around the Strait of Hormuz heightened supply concerns before retreating Friday.
• WTI crude finished near $98 per barrel, down slightly for the week.
• Emergency reserve releases helped offset concerns around Gulf shipping and Saudi energy infrastructure.

European equities outperform

• European stocks advanced despite the global technology selloff, supported by resilient corporate fundamentals and a more defensive market composition.

Japanese equities pressured by technology weakness

• Japanese stocks declined sharply as semiconductor and AI-related shares came under pressure.
• Broader market performance held up better than technology-heavy areas.

Asian technology shares sell off

• South Korean equities experienced significant declines as investors sold semiconductor and memory-chip stocks.

Chinese exports surge

• Chinese exports rose 36.3% year over year in September, significantly exceeding expectations.
• Strong export growth put China on pace for another record annual trade surplus.

Consumer inflation accelerates

• CPI rose 0.6% in September and 3.7% year over year, exceeding expectations as higher gasoline prices drove much of the increase.
• Core CPI (ex. food and energy) rose 0.3% for the month and 2.6% annually as price pressures broadened beyond energy.

Producer prices jump sharply

• PPI rose 1.3% in September, its largest monthly increase since March 2022.
• Annual producer inflation reached 6.3%, while core producer prices rose 5.0%, raising concerns that higher business costs could eventually reach consumers.

Consumer spending remains resilient

• Retail sales increased 0.8% in September, well ahead of expectations, though higher gasoline spending accounted for much of the gain.
• Initial jobless claims remained below 200,000 for a fifth consecutive week, indicating layoffs remain contained.