Weekly Macro Minute

Jean Claude Alphonse authored this issue’s devotional. He served the Lord alongside his wife, Lise, for 25 years.

Have you ever felt like your hard work goes unseen? Do you sometimes feel discouraged by the conditions or circumstances you face while doing God’s work? It is common to wonder if your efforts even matter, but the Word of God gives us an encouraging answer found in 1 Corinthians 15:58 (NKJV): “Therefore, my beloved brethren, be steadfast, immovable, always abounding in the work of the Lord, knowing that your labor is not in vain in the Lord.”

Your work is not for the approval of man but for God. Our motivation to work should come from what Jesus already accomplished for us through his death on the cross. Because of his sacrifice, we don’t have to work to be loved; we work because we are loved. This is why the Apostle Paul strongly urges us in 1 Corinthians 15:58 to be steadfast and immovable, “always abounding in the work of the Lord, knowing that your labor is not in vain.”

In everyday life, it’s easy to seek approval of your efforts from others. In Colossians 3:23 (NKJV), Paul makes it clear what our true mission is: “And whatever you do, do it heartily, as to the Lord and not to men.” Every small act we do becomes an act of worship when we do things in a way that pleases God. Whether you are working on a big project or doing a simple task, do it for the glory of God. Remember that in the end, your reward depends on how you accomplish that work for him.

We can trust in God the same way we trust in his Word. He is able to do all things exactly as he says. Isaiah 46:11 reminds us that when the Lord purposessomething, he will do it. Since the Lord works in mysterious ways, it may not be done in the way you are expecting.

Our God is faithful. He always keeps his Word. Hebrews 6:10 (NKJV) states, “For God is not unjust to forget your work and labor of love which you have shown toward His name”. Every time you minister or serve others, his eyes are watching you. If you feel tired today, take heart and don’t let your hope waver because the One who promised is faithful. Your labor is never in vain when done for the Lord.

Large caps advance while small caps lag

• U.S. equities finished mixed after reaching record highs earlier in the week.
• The S&P 500^® rose 1.2%, while the Russell 2000^® declined 0.9% as higher rates continued to weigh on smaller companies.
• Large-cap technology remained a key source of strength.

Treasury yields remain near multi-decade highs

• Long-term Treasury yields eased slightly after stronger auction demand helped stabilize the bond market.
• The 10-year Treasury yield finished at 5.24%, while the 30-year ended at 5.60%, both remaining near multi-decade highs.
• Markets continue to expect additional tightening by the Federal Reserve by year-end, though the timing remains uncertain.

Corporate credit remains resilient

• Investment-grade corporate bonds generally held up despite elevated Treasury yields, with new issuance seeing solid demand.
• AI-related financing remained a pressure point as heavy issuance raised concerns around the volume of capital needed to support continued infrastructure investment.

Oil remains volatile

• Oil prices fluctuated amid renewed concerns about tanker activity in the Strait of Hormuz and ongoing Middle East tensions.
• U.S. crude finished the week near $91.50 per barrel and was little changed overall.

European markets finish mixed

• European equities were little changed overall, though individual countries experienced greater volatility.
• Political and fiscal concerns weighed on sentiment, particularly in France.

European policymakers remain cautious

• Central bank officials continued to see upside inflation risks following the recent energy shock.
• German economic data remained uneven, with weakness in factory orders and exports contrasting with improved industrial production.

Japanese equities move higher

• Japanese stocks posted modest gains as early technology strength was partially offset by valuation and fiscal concerns.
• Government bond yields eased after policymakers emphasized fiscal discipline.

Chinese equities mixed following holiday

• Chinese stocks were mixed following the Golden Week holiday as investors continued to assess domestic growth and technology-sector prospects.

South Korean equities retreat

• South Korean stocks moved sharply lower as technology earnings fell short of elevated investor expectations.

Fed minutes point toward additional tightening

• Minutes from the September Fed meeting showed most policymakers expect another rate increase by year-end, though the timing remains data-dependent.
• Officials continued to view financial conditions as supportive of economic growth despite the rise in yields.

Services remain resilient as price pressures rise

• Services activity remained firmly in expansion territory despite moderating slightly.
• Input prices accelerated to their highest level since mid-2022 as tariffs and fuel costs continued to pressure businesses.

Inflation expectations rise as sentiment falls

• Consumer inflation expectations moved higher as households continued to contend with elevated prices.
• Consumer sentiment fell to a five-month low, highlighting growing concerns about inflation and the economic outlook.