Consumer sentiment in the US has plummeted to a 29-month low of 57.6 in March, down from 64.7 in February, according to the University of Michigan survey.
The post-election optimism has vanished as Americans worry about inflation from President Trump’s tariffs and uncertainty around economic policies. Expectations for the next six months dropped sharply to 54.2 from 64.0, reaching a level not seen since mid-2022. Even Republican confidence has declined by 10% despite initial post-election enthusiasm.
The stock market has responded negatively to the tariffs and recession concerns, while inflation expectations have hit a 29-month high.