Weekly Macro Minute

Ann Perry authored this issue’s devotional. She served the Lord in associational ministry for 25 years.

Working in ministry, there are times when it seems like the “cupboard is bare”. This happened to us at the association where I worked. I gave out the last of our food pantry items to one gentleman, which included leftovers, ketchup, marshmallow creme, jelly, etc. It was not much to make a decent meal, but it was all we had. I cleared the shelves completely. As the man drove away, I stood in my director’s office doorway to tell him our situation was desperate when my telephone rang.

A lady shopping for our food pantry as a ministry on behalf of her mission group asked if we needed food. Did we ever! She had been shopping in one of the local supermarkets and spoke with a gentleman who was busy adjusting the store’s shelves. She told him she was using coupons and was trying to be as conservative as possible when making purchases for a food pantry. He told her, “Ma’am, if you need some food, I can tell you where to get it this afternoon.”

He shared that a warehouse about 25 miles away had boxes of returned cases of food where a can or jar had broken in the box, but the other cans were undamaged. They were ours if we wanted them. Within half an hour, I was driving our old pickup truck on the interstate on my way to get the food. I called a couple of volunteers and asked for help when I returned to our office. Not only did we get one pickup truck load, but also a second load. As we unloaded, the volunteers took the water hose and sprayed the cans down, and we went from an empty pantry to full shelves within a few hours. God is so good.

Matthew 7:7 (NIV) says, “Ask and it will be given to you, seek and you will find, knock and the door will be opened to you.”

The gentleman who received the last scraps from the pantry came back a few months later and asked if we had any more marshmallow creme. Regretfully, we did not, but we were able to give him an ample and nourishing supply of good food.

In his infinite wisdom, God was working on supplying our needs and the needs of those we serve before we even voiced them. We serve an amazing God.

How is God supplying your needs today?

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Across the Markets

U.S. stocks rallied for the week, with the S&P 500^® and Nasdaq Composite^® indices rising 3.4% and 4.3%, respectively—both closing at all-time highs. The rally was driven by easing geopolitical tensions, notably the Israeli-Iran ceasefire, and renewed optimism around U.S.-China trade negotiations. Sector performance was broadly positive, led by technology, communication services, and consumer discretionary, as strong earnings and improving global sentiment boosted growth-oriented names. The energy sector was the largest laggard, pressured by declining oil prices.

Yields on U.S. government bonds declined for the third consecutive week, reflecting rising investor expectations for monetary easing. The move was led by shorter-maturity notes, which saw the most pronounced yield declines across the curve. By the week’s end, the 10-year Treasury yield fell to 4.28%, down from a recent closing peak of 4.58% on May 21.

U.S. crude oil spot prices traded around $65 per barrel at Friday’s close, marking a roughly $10 per barrel weekly decline as easing Middle East tensions alleviated concerns over potential supply disruptions.

The STOXX^® Europe 600 Index advanced by 1.3% in local currency terms, buoyed by a ceasefire agreement between Israel and Iran and fading fears of an extended trade dispute. Investor confidence was further bolstered by Germany’s announcement of potential economic stimulus measures and an agreement from NATO members to increase defense spending.

June’s preliminary Eurozone Composite PMI held steady at 50.2, indicating only marginal economic expansion across the region. While the services sector showed signs of modest recovery after a brief contraction, ongoing weakness in manufacturing continued to drag on overall output.

Japanese equities posted gains for the week, with the TOPIX^® Index rising 2.5% supported by renewed investor risk appetite as easing global trade tensions and early signs of stability in the Middle East further boosted market sentiment.

Mainland Chinese equities advanced following confirmation of a U.S.-China trade framework, with the Shanghai Composite Indexes rising 1.9%, respectively. The agreement helped stabilize trade relations and included a pledge from China to supply rare earth metals.

In the Economy

Consumer confidence and spending declined in May, reflecting growing concerns over tariffs and economic policy, while persistent core inflation may keep the Federal Reserve cautious in the near term.

U.S. consumer confidence, as measured by the Conference Board, unexpectedly declined in June, falling 5.4 points to 93, as concerns over the economic and labor market impacts of elevated import tariffs weighed on sentiment. The share of consumers reporting that jobs are plentiful dropped to 29.2%, the lowest level in over four years.

U.S. consumer spending declined in May, underscoring growing uncertainty surrounding the Trump administration’s economic policies and their impact on the growth outlook. Inflation-adjusted personal consumption expenditures fell 0.3% month-over-month, according to the Bureau of Economic Analysis.

The Fed’s preferred inflation measure — the core PCE price index, which excludes food and energy — rose 0.2% in May and 2.7% year-over-year, slightly above expectations. While the data suggests inflation remains relatively contained, the persistence of core price pressures may reinforce the Fed’s cautious stance, potentially delaying rate cuts until clearer signs of disinflation emerge.