Weekly Macro Minute

Byron Williams authored this issue’s devotional. He served the Lord alongside his wife, Marilyn, for 40 years.

In my opinion, there are two profound statements Paul wrote in the New Testament: one in Colossians 1:27 and the other in Romans 8:28–31, 35. In Colossians 1:27, Paul states that the hope of glory is Christ in you. Notice he didn’t say in front, besides or even behind — but Christ in you, the hope of glory.

What a statement: Christ in you. Christianity starts inside of you and moves outward. This means you can feel, look, walk and talk like a little Christ.

I’ve met many people who say they don’t know God’s purpose for their lives. His purpose is that all may come to repentance.

Romans 8:28–31, 35 takes it deeper. To get the full meaning of Romans, consider an old story: In a country town, a large rock sat in front of the town hall. Every day for a week, an artist came with hammer and chisel and chipped away at the rock. One day, the mayor asked what he was doing. The artist replied simply, “I’m going to carve an eagle out of this rock.” The mayor asked, “Just how are you going to do that?” The answer that came was, “Well, I’ll chip away everything that doesn’t look like an eagle.”

With that in mind, let’s look at Romans 8 and see what God is writing through Paul’s pen to His children. Romans 8:28 (KJV) states, “And we know that all things work together for good to them that love God — to them who are called according to his purpose.” Now verse 29 (KJV) states, “For whom he did foreknow, he also did predestinate to be conformed to the image of his Son, that he might be the firstborn among many brethren.” It is God’s purpose for every one of His children to conform to the image of Christ.

Verse 28 says He is using all things: the good, the bad, the ugly and the disappointing.

In other words, God is going to chip away at everything in His children’s lives that doesn’t bear the image of Christ. He didn’t stop there but goes on in verses 30, 31 and 35 to say all that God has done for His children. “If God be for us, who can be against us?” The answer: Nobody! Then “who shall separate us from the love of God?” Nothing can! If that doesn’t light your fire, then your wood is wet.

May God’s Spirit strengthen both your heart and your mind and lead you through this year. What areas of your life might God be “chipping away” to make you more like Christ?

Markets finish mixed following Federal Reserve rate hike

• U.S. equities finished a volatile week mixed as investors digested the Fed’s first rate increase since 2023.
• The S&P 500^® slipped 0.1%, while the Russell 2000® declined 1.5%.
• Technology-related stocks outperformed, supported by continued strength in AI and mega-cap technology names.

Sector leadership remains narrow

• Health Care and Technology led gains within the market.
• Utilities and Financials lagged as higher Treasury yields pressured rate-sensitive sectors.
• AI-related news flow remained broadly constructive, continuing to support hardware and infrastructure companies.

Treasury yields move higher following Fed action

• Treasury yields rose across the curve after the Fed increased rates and signaled additional tightening may be needed.
• The 2-year Treasury yield climbed to 4.76%, while the 10-year ended the week at 5.01%.
• Yield-curve flattening reflected the market’s view that additional policy tightening will weigh most heavily on shorter maturities.

Oil remains elevated

• WTI crude closed near $102 per barrel, up slightly on the week.
• Partial restoration of Saudi pipeline flows helped offset ongoing Middle East supply concerns.
• Energy markets remain sensitive to geopolitical developments across the region.

European equities move lower

• The Bank of England left rates unchanged but featured multiple votes in favor of additional tightening.
• European stocks declined as investors reacted to central-bank policy signals and inflation concerns.
• Inflation expectations across the region moved modestly higher.

Bank of Japan delivers another rate hike

• Japanese policymakers increased rates to their highest level since 1995.
• Despite the move, the yen weakened and bond yields fell as investors questioned the pace of future tightening.

China advances ahead of trade discussions

• Chinese equities moved higher as investors looked ahead to the Trump-Xi summit.
• Market expectations centered on potential developments regarding tariffs and trade policy. 

Federal Reserve raises rates

• The Federal Reserve increased its target range by 25 basis points to 3.75%–4.00%, marking its first rate hike in more than three years.
• Policymakers raised their projected year-end policy rate and indicated inflation remains a primary concern.
• Most committee members expect at least one additional rate increase this year.

Labor market remains firm

• Initial jobless claims fell to 196,000 while continuing claims also declined.
• Labor-market data continued to indicate limited layoffs and steady employment conditions.

Housing and manufacturing soften

• Housing starts declined 2.6% in August.
• Industrial production was unchanged for the month, while manufacturing output declined after several consecutive monthly gains.