Weekly Macro Minute

Bob Buckner authored this issue’s devotional. He served the Lord for more than 40 years.

Sometimes we have good days. Sometimes we have bad days. Sometimes, a mixture of both.

Most of humanity lives with regrets about the past and worries about the future. The mind races endlessly. This is not God’s plan for his beloved people. The mind was never designed for constant manic thinking. When there’s a project, the mind should focus. When the project is complete, the mind should rest.

Regarding the Past

Why dwell on past regrets? Our Father does not fret about our past sins and mistakes.

1 John 1:9 says, "If we confess our sins, He is faithful and just to forgive us our sins, and to cleanse us from all unrighteousness." (KJV)

Jeremiah 31:34 says, “…for I will forgive their iniquity, and I will remember their sin no more.” (KJV)

Regarding the Future

Worrying about the future is the more acute problem for most of us. It should not be! Scripture is very clear about this.

Matthew 6:34 says, “Take therefore no thought for the morrow: for the morrow shall take thought for the things of itself…” (KJV)

Philippians 4:11–12 says (the apostle Paul speaking), “…I have learned, in whatsoever state I am, therewith to be content. I know both how to be abased, and I know how to abound…” (KJV)

The Power of Now

Living in the present — the now — is the key to our joy. Ecclesiastes 9:7 says it is now that God favors what you do. True happiness will only be found in the now! Here are two statements that rob us of happiness:

“I will be happy when…”
“I would be happy if…”

One of the quickest ways to enter the now is to ask yourself:

“What am I thinking now?”
“How do I feel now?”

Become a watcher, an observer of your thoughts and feelings. It is like shining a light into darkness — it dispels the darkness! This is the mighty power of the now.

What worry can you place in the Lord’s hands at this moment?

Stocks advance despite hawkish Fed surprise

• U.S. equities finished higher in a holiday-shortened week despite a sharp midweek selloff following the Federal Reserve meeting.
• The S&P 500^® gained 1.0%, while the Russell 2000^® rose 1.2%.
• Easing Middle East tensions and lower oil prices helped restore risk appetite late in the week.

Small caps continue to lead

• The Russell 2000 pushed its year-to-date gain above 20%, continuing to outperform larger companies.
• Market participation broadened beyond the mega-cap technology names that drove earlier gains.

Treasuries react to Fed projections

• Treasury yields were mixed as the Fed signaled a more hawkish outlook.
• The 2-year Treasury yield rose 11 basis points to its highest level in more than a year, while the 10-year yield declined modestly.
• Credit spreads remained historically tight, with high-yield bonds outperforming amid improving risk sentiment.

Oil prices tumble on Iran agreement

• WTI crude fell roughly 10% as a U.S.–Iran agreement reduced supply concerns.
• Oil has now fallen approximately 25% over the past five weeks, easing inflation pressures tied to energy prices.

Geopolitical tensions ease

• A signed U.S.–Iran memorandum of understanding improved global risk sentiment and cleared a path toward reopening the Strait of Hormuz.
• Markets responded positively to the prospect of lower energy costs and reduced inflation risks.

European equities move higher

• European stocks gained as lower oil prices improved the outlook for energy-importing economies.
• The Bank of England left rates unchanged while policymakers continued to monitor inflation developments.

Japan rallies on policy changes

• Japanese equities surged following a rate increase from the Bank of Japan and optimism around technology-related sectors.
• Policymakers also announced plans to reduce bond purchases.

China’s recovery remains uneven

• Chinese equities moved higher during the week.
• Industrial production remained solid, though retail sales reflected ongoing weakness in consumer demand.

Fed stays on hold but turns more hawkish

• The Federal Reserve kept rates unchanged at 3.50%–3.75%.
• Updated projections showed policymakers now expect modest tightening by year-end rather than the cuts anticipated earlier this year.
• Inflation forecasts were revised higher for 2026.

Warsh signals shift in Fed communication

• In his first post-meeting press conference as chair, Kevin Warsh indicated that forward guidance is less useful in the current environment.
• The shorter statement and reduced guidance contributed to midweek market volatility.

Consumer spending remains resilient

• Retail sales rose 0.9% in May, exceeding expectations.
• Spending gains were broad-based and highlighted ongoing consumer strength despite affordability challenges.

Housing market remains mixed

• Housing starts fell sharply in May and builder sentiment weakened.
• Pending home sales improved, suggesting demand remains present despite elevated costs.