Weekly Macro Minute

Bob Taylor authored this issue’s devotional. He served the Lord alongside his wife, Mary, for 62 years.

What a story! In 1 Samuel 17, we find a normal man facing a man who was almost 10 feet tall! I would call that abnormal. As I read the story, I was thinking how blessed we are that we don’t have to fight giants today, but then again, don’t we?

The more I looked at this passage of Scripture, the more I realized we do have giants in our lives that we fight every day.

As I researched these giants, I found a long list:

• Fear
• Worry
• Discouragement
• Loneliness
• Guilt
• Temptation
• Anger
• Doubt
• Jealousy

I could go on.

We need to do what David did — he sized up the situation before he acted. Israel was facing the physical giants — we are facing the spiritual giants. What do we need to do to defeat the giants?

First of all, we need God’s power. Ephesians 6:10 (NIV) says, “Finally, be strong in the Lord and in his mighty power.” Why do we need God’s power? Because it enables us to speak with authority (Acts 4:33).

Secondly, we need God’s preparation for battle. 1 Samuel 17:38 (NIV) says, “Then Saul dressed David in his own tunic. He put a coat of armor on him and a bronze helmet on his head.” Real armor is great, but like David, we are to put on the armor of God. Ephesians 6:14-17 (NIV) elaborates:

“Stand firm then, with the belt of truth buckled around your waist, with the breastplate of righteousness in place, and with your feet fitted with the readiness that comes from the gospel of peace. In addition to all this, take up the shield of faith, with which you can extinguish all the flaming arrows of the evil one. Take the helmet of salvation and the sword of the Spirit, which is the word of God.”

We need to prepare for battle with the truth of God’s word, his righteousness and strong faith in the One who has the power to overcome.

Finally, we need a life filled with prayer. Ephesians 6:18 (NIV) challenges us, “And pray in the Spirit on all occasions with all kinds of prayers and requests. With this in mind, be alert and always keep on praying for all the Lord’s people.”

Jesus, in Mark 11:24 (NIV), tells us, “Therefore I tell you, whatever you ask for in prayer, believe that you have received it, and it will be yours.”

When we commune with God daily, we can defeat the giants in our lives by staying connected to his power through prayer.

Unless we have all these ingredients — God’s power, preparation via the armor of God, and prayer — our efforts shall surely fail.

Don’t be a victim; be a victor over the giants you face through the power of God.

What giants are you facing today?

Equities finish mixed as rate-hike expectations ease

• Softer-than-expected September payrolls and August core PCE data reduced expectations for additional near-term Federal Reserve tightening.
• The S&P 500^® declined 0.3%, while the Russell 2000^® fell 0.2%.
• A broad Friday rally helped recover much of the week's midweek losses.

Treasury yields remain elevated

• Treasury yields climbed despite retreating from midweek highs.
• The 10-year Treasury yield briefly reached nearly 5.35%, its highest level since 2002.
• The 10-year yield ended the week at 5.28%, up 12 basis points.

Gold declines as dollar strengthens

• Gold fell approximately 3.4% to about $4,190 per ounce.
• Higher Treasury yields and a stronger U.S. dollar pressured precious metals.
• The U.S. dollar gained 0.9% for the week.

Oil supply concerns prompt coordinated response

• G7 nations agreed to release up to 100 million barrels of emergency reserves over the next four months.
• The move is intended to offset supply disruptions related to the Iran conflict.
• Officials also hope to ease pressure on global energy prices.

Third quarter marked by narrow market leadership

• The S&P 500^® gained 2.0% during the third quarter.
• Small-cap stocks struggled as higher yields and inflation concerns weighed on sentiment.
• Strong corporate fundamentals helped offset headwinds, with estimated S&P 500^® earnings growth nearing 30%.

European equities pressured by inflation concerns

• European equities moved lower as inflation accelerated across the eurozone.
• September inflation rose to 3.8%, reinforcing expectations for restrictive monetary policy.
• Higher bond yields also weighed on investor sentiment.

Japanese equities show mixed performance

• Technology-related shares supported portions of the Japanese market.
• Broader equities faced pressure from rising bond yields and expectations for additional policy tightening.
• Tokyo core inflation accelerated to 2.7% in September.

Chinese stimulus receives muted response

• Chinese officials announced targeted stimulus measures, including mortgage-interest subsidies and lending support.
• Investors viewed the measures as modest relative to broader growth challenges.
• Manufacturing activity returned to expansion.

Hiring slows in September

• Nonfarm payrolls increased by 29,000, below expectations of roughly 84,000.
• The unemployment rate edged higher to 4.2% from 4.1%.
• Wage growth slowed to 3.0% year over year, the lowest annual pace since May 2021.

Inflation remains above target

• August core PCE (ex. food and energy) rose 0.2% for the month and held at 3.0% year over year.
• Inflation remained above the Fed’s 2% target, though results came in below expectations.
• Revised data showed second-quarter GDP growth of 2.2%, up from a previously reported 1.5%.

Manufacturing expands while confidence weakens

• The ISM Manufacturing PMI registered 54.5, marking a ninth consecutive month of expansion.
• Input-cost pressures increased as the Prices Index rose to 77.9.
• Consumer confidence fell to 81.9, its lowest level since 2014.