Weekly Macro Minute

Faye Heatherly authored this issue’s devotional. She served the Lord alongside her late husband, Paul, for 36 years.

It was the middle of the night when my husband, Paul, gently woke me and asked, “What would you say if I told you God has called me to be a minister?”

My sleepy reply without hesitation was, “If you are sure, then I will support you completely.”

Paul struggled with that decision for several months before finally surrendering his life fully to God’s call into the ministry. That moment marked the beginning of our 36-year journey, a journey that ended with his passing in 2000 — but one that forever shaped my life and faith.

Shortly after announcing his calling, Paul was asked to pastor a very small rural church. He was 33, I was 28, and our three children were 10, 8, and 7. I remember feeling a mixture of emotions — great excitement about beginning this new chapter and deep sadness about leaving our home church. That church was where I had been saved at the tender age of eight, on a Friday morning during Vacation Bible School. The women there were like second mothers to me, and the children in my youth group were like family. Leaving them behind was not easy.

During that season, God led me to a Scripture that gave me tremendous comfort and courage — Mark 10:28–30 (NKJV):

Then Peter began to say to Him, "See, we have left all and followed You."

So Jesus answered and said, "Assuredly, I say to you, there is no one who has left house or brothers or sisters or father or mother or wife or children or lands, for My sake and the Gospel’s, who shall not receive a hundredfold now in this time — houses and brothers and sisters and mothers and children and lands, with persecutions — and in the age to come, eternal life.”

Those words became a promise I clung to — and they proved to be true.

During Paul’s pastorate at two churches, God provided me with some of the most amazing women who treated me like their own daughter or sister. He also blessed me with countless young people in the youth groups I had the joy of leading over the years. I truly gained new “families” everywhere we served.

I could go on and on about the blessings of being a pastor’s wife. Yes, there were ups and downs along the way, but Jesus never promised an easy road. He did say there would be persecutions. Through every trial and every triumph, God’s grace carried Paul, our family and me.

When God calls us to follow Him, He also promises to provide for our needs.

Now here I am — a pastor’s widow, soon to be 90 years old, living on a fixed income — and He is still providing. He even sent Mission:Dignity into my life, making a tremendous difference in my everyday living. Once again, God proved that He sees, He knows and He cares.

I am truly thankful and blessed.

Large caps rise as technology leads

• U.S. equities were mixed for the week, with a late-week rebound in semiconductor and AI-related stocks helping lift large-cap indexes despite geopolitical tensions and higher oil prices.
• The S&P 500^® advanced 1.2%, supported by strength in Technology and Communication Services.
• Small-cap stocks lagged, with the Russell 2000^® declining 0.6%.
• Trading volumes remained relatively light ahead of second-quarter earnings season and several key economic data releases.

Treasury yields move higher

• Treasury yields rose across the curve following hawkish Federal Reserve minutes.
• The 10-year Treasury ended the week at 4.56%, up roughly seven basis points, while the 2-year yield rose about four basis points to 4.21%.
• The 30-year yield climbed to 5.07%, advancing in eight of the past nine sessions, driven largely by inflation concerns.

Oil rebounds on renewed tensions

• Oil prices moved higher as renewed Middle East tensions added pressure to energy markets.
• Spot WTI rose 3.4% to settle near $72 per barrel after U.S.–Iran hostilities reignited following Iranian attacks on commercial tankers in the Strait of Hormuz.

European equities pull back

• European equities declined from record highs as rising energy prices and higher global bond yields weighed on sentiment.
• Investors grew more cautious amid renewed Middle East tensions, firmer inflation expectations and a modest rise in sovereign bond yields.

Japanese stocks slip as energy prices rise

• Japanese stocks declined as higher energy prices weighed on sentiment.
• Japan signaled it would encourage pension funds to increase allocations to domestic assets in an effort to support the currency.

Chinese equities finish mixed

• Chinese equities were mixed for the week, with mainland shares declining while Hong Kong-listed shares advanced.

Fed minutes signal caution on inflation

• Minutes from the June Fed meeting struck a hawkish tone and reinforced that the Fed remains on hold with a tightening bias after maintaining the federal funds rate at 3.50%–3.75%.
• The minutes highlighted the Committee’s decision to remove easing-bias language from its policy statement.
• Inflation risks remained tilted to the upside, with a few officials seeing a case for raising rates at the June meeting.

Services activity remains expansionary

• Services activity remained solid in June, while price pressures moderated.
• The ISM Services PMI registered 54.0, marking a 24th consecutive month of expansion.

Labor market cools gradually

• Initial jobless claims fell by 2,000 to 215,000 in the week ending July 4, below consensus expectations of roughly 220,000.
• The four-week moving average eased to 218,750, while continuing claims rose modestly to 1.81 million.
• The data remained consistent with a labor market that is cooling gradually rather than deteriorating.