Weekly Macro Minute

Ann Perry authored this issue’s devotional, published posthumously. She served the Lord for more than 25 years.

Susan was a devoted Christian lady. She came to us maybe twice a year for clothing: in the spring for a couple of dresses to wear to church, and in the fall for two winter outfits. Once, she told us she played the organ at her church, although you would never have guessed it from talking with her. Occasionally, she would ask for food, but not very often.

One day, as the weather was turning cool, she asked for food that could be heated in the can. I asked her why. She explained that she and her friend would put the cans of food in their car, roll up the windows and let the sun heat them before eating because they had no stove. Although she had been coming to us for years, she had never shared that before.

After she left, we began to wonder how we could get her a stove. As we talked, someone called and said he was remodeling his kitchen and asked if we would be willing to take a stove. Would we be willing? We told him about the need we had been made aware of that day, and he couldn’t believe he was the answer to a prayer we hadn’t even voiced yet.

I called Susan to tell her about this miracle and arranged a delivery time. She said, “Thank you so much, and I have one request, could you bring me some potatoes? I have wanted some boiled potatoes for a long time and would be so happy.” I stopped by the supermarket, bought a bag of potatoes and some margarine and followed the truck to her home. She was more excited about the potatoes than the stove! I feel sure she and her friend had a most enjoyable meal that evening. What a day!

“But when you pray, go into your room, close the door and pray to your Father, who is unseen. Then your Father, who sees what is done in secret, will reward you. And when you pray, do not keep on babbling like pagans, for they think they will be heard because of their many words. Do not be like them, for your Father knows what you need before you ask him.”

From a stove to a simple bag of potatoes, the Lord delights in providing for both our needs and the desires of our hearts. When we trust God, we discover that nothing is too small or too great for his loving attention.

How does God’s knowledge of your needs shape your approach to prayer?

Equities recover after volatile week

• U.S. equities finished modestly higher after a midweek selloff driven by semiconductor weakness and geopolitical tensions.
• Late‑week gains were supported by renewed Iran peace‑deal optimism and positive sentiment around major technology developments.
• The S&P 500^® and broader large-cap equities ended the week higher.

Small caps lead on rotation

• Small caps outperformed, with the Russell 2000^® rising 3.9%.
• The move reflected a rotation out of crowded mega-cap technology positions into cyclical and rate‑sensitive segments.

Yields decline despite inflation data

• Treasury yields moved lower on the week after briefly rising midweek on stronger inflation data.
• The 10‑year yield settled near 4.48%, while the 2‑year fell to 4.08%.
• Cooling energy prices and geopolitical optimism helped ease longer-term inflation expectations.

Oil prices fall on de-escalation hopes

• WTI crude declined 6.9% to nearly $88 per barrel.
• Market sentiment improved as progress toward a U.S.–Iran agreement raised expectations for reopening critical supply routes.

Global markets benefit from easing energy pressures

• Improved sentiment tied to potential Middle East de‑escalation supported global equities overall.

Europe gains as energy burden eases

• European equities advanced as lower oil prices reduced input cost pressures.
• The European Central Bank raised rates but maintained a data-dependent stance amid inflation concerns.

Japan pressured by semiconductor weakness

• Japanese equities declined as early-week semiconductor weakness offset late-week recovery efforts.

China shows mixed inflation dynamics

• Consumer inflation remained subdued, while producer prices continued to rise.
• The divergence highlights ongoing softness in domestic demand alongside rising input costs.

Inflation remains elevated but concentrated

• CPI rose 4.2% year-over-year in May, the highest in over three years.
• Core inflation (ex. food and energy) remained more contained, suggesting less broad-based price pressure.
• Energy prices were the primary driver of headline inflation gains.

Pipeline pressures continue to build

• Producer prices rose 1.1% month-over-month, lifting annual PPI to 6.5%.
• Rising input costs increase the risk of eventual pass-through into consumer prices.

Labor market shows stable conditions

• Jobless claims rose modestly but likely reflect seasonal effects rather than deterioration.
• Continuing claims increased slightly but remain consistent with a stable labor market.

Consumer sentiment rebounds slightly

• Sentiment improved modestly from record lows but remains historically weak.
• Lower gasoline prices provided some relief, though inflation concerns persist.